Local furniture maker eyes entering world’s top three

Local furniture maker eyes entering world’s top three

ISTANBUL - Hürriyet Daily News
Local furniture maker eyes entering world’s top three

Memduh Boydak, the CEO of Boydak Holding, (R) and Bekir Boydak, a board member of Boydak Holding, pose after a press meeting. Company photo

Turkey’s Boydak Holding, a conglomerate particularly prominent in the furniture sector, aims to rank in the list of top three furniture manufacturer companies in the world by 2023, and to achieve a $400 million exports value, a top executive said on June 28.

İstikbal, one of Boydak’s furniture firms, is currently placed among the world’s top 10 furniture manufacturer firms, said Memduh Boydak, the Chairman of İstikbal and the CEO of Boydak Holding, during a press meeting.

“The furniture companies made up 57 percent of Boydak’s turnover worth 5.6 billion Turkish Liras (around $2.9 billion) last year. İstikbal has 300 stores abroad and 750 in Turkey. It ranks top 10 in the world. As İstikbal is the leader in the Turkish furniture market with a 30 percent stake, it made a quarter of total furniture exports last year” he said.

Boydak stated that Turkey’s furniture exports would rise to $18.5 billion by 2023, according to the data of the Ministry of Science, Industry and Technology, adding that they aimed to increase their exports to $400 million by 2023 to rank among the world’s top three furniture manufacturer companies.

İstikbal will invest 25 million euros in the manufacturing plant in Russia and 10 million euros in Ukraine for raising the capacity, Boydak said, noting that a new plant entered into service in the northern Iraq three months ago. As İstikbal has a strategy to build manufacturing plants in the developing economies’ markets, it prefers making product logistics and marketing activities in the United States and European markets, he said.

The company allocated a 50-million-liras (around $26,000) budget for their new logo and its outdoor application.