Some brands may leave Turkey due to Russian sanctions
Worried because of the sanctions adopted against Turkey by Russia after the downing of one of its fighter jets, major groups such as H&M, Mango and Inditex are reportedly considering a reduction in the scope of their Turkish manufacturing operations.
At any rate, this is what Turkish media are suggesting, citing sources from the important local textile and apparel industry. Notably, the media mention that major fashion groups are faced with the need to remove the 'Made in Turkey' mention from their products.
Russian sanctions are so far limited to food products and other fruit and vegetables grown in Turkey, but Russian distributors and national suppliers fear a rapid extension of the measures to the textile industry, a heavyweight sector for the Turkish economy.
Turkey is the EU's third-largest clothing supplier, after China and Bangladesh, and ahead of India and the Maghreb area of North Africa. In 2014, Turkey exported to the Old Continent some €9.1 billion in clothing, recording a 5% rise.
Copyright © 2023 FashionNetwork.com All rights reserved.