“It is opportunity time to buy a global brand”

The financial problems that many global brands experienced due to pandemic in the textile sector bring hand-over and partnership opportunities. İTHİB Chairman Ahmet Öksüz stated that this movement in the sector is an opportunity for Turkish textile sector. Öksüz said “The financial problems global brands and textile plants experienced offer important possibilities for Turkish textile suppliers who want to take advantage of the pandemic period”.

 

İTHİB Chairman Ahmet Öksüz, declared that forming a global brand is expensive and needs long time. Öksüz said “Because of pandemic, many global textile companies are trying to compete with the hard economic conditions. It is expected that the firms which cannot compete with the difficulties will be transferred or seek something to make union of force. Now, as option some firms are emerging. It is possible to buy global textile enterprises under suitable conditions and thus to shorten the process of having a global brand in this period.

Our textile sector made important inroads in particularly technical textile last ten years. We broke record of Republic history by exporting 2.7 billion dollars of technical textiles in 2020. Our target in 2021 is to pass 3 billion dollars. In total textile sector, we aim to reach 11 billion dollars of export. The partnerships and acquisitions to be made with international companies in the technical textile sector will ensure our technical textile sector to reach 5 billion dollars soon. Accordingly our total textile sector to reach 15 billion dollars. Moreover, the partnership or acquisition you realize will not only expand your physical investment but also provide a great know-how transfer to our sector.

“We have to act collectively with a new support mechanism”

Ahmet Öksüz, stated that the acquisitions and partnerships realized in global scale will offer entry advantage to the market for the exporters. Öksüz said “Some companies in our target markets are faced with financial problems. We can make purchases of those companies by bringing together a few companies led by our state. The main topic here is to act collectively. In this concept, we need a promotion mechanism and guidance of our Trade Ministry. If we can achieve this, we will take advantage to enter target markets and also have opportunity to be active in distribution channels in target markets. Thus by contributing to sustainable export increase we will raise the perception of the Turkish textile industry higher. Those opportunities are available for our target markets such as USA, Germany, Italy, England, and Spain”.

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