Russia excludes 10 Turkish brands from sanctions list: Report
AP photoRussia has excluded a total of 10 Turkish brands, including Colin’s, LC Waikiki and Anadolu Efes, from a list of sanctioned Turkish companies, daily Habertürk has reported.
According to the report, the following clothing brands, which have a large volume of business in Russia, will not be on the sanction list: Colin’s, Defacto, Koton, Adl, LC Waikiki and Mexx, as well as three global brands that are distributed in Russia by Turkey’s Fiba Holding, namely, Marks & Spencer, Banana Republic and Gap. All brands will reportedly be able to pursue normal operations in Russia.
Turkey’s leading brewery brand, Anadolu Efes, has also been excluded from the Russian sanctions’ list.
LC Waikiki Chairman Vahap Küçük said the company had experienced no problems in selling products in the Russian market and that Moscow had not imposed any sanctions on companies that invest in the country and create jobs.
“The export business is something else, but there are many Turkish brands that invest heavily in Russia and have properties. How could they fill stores without our products? We have now seen a moderation in ties,” Küçük was quoted as saying by Habertürk.
Eroğlu Holding, which owns the Colin’s and Mexx brands, Fiba Holding, Koton, Adl and Defacto have also confirmed that they were offering their products without any problem in the Russian market.
Anadolu Holding Chairman Tuncay Özilhan said the company employed around 5,000 people in Russia, most of whom are Russians.
“We generally opt for Russian raw materials in manufacturing and pay our taxes in a regular manner. There is something about loyalty here. We started to invest in the Russian market during the 1998 crisis, even though many global markets had left the market. When the first problems started between Turkey and Russia in November, we saw protests in negligible numbers. We have not seen such incidents now,” he said.
The share of Turkish brands that have opened stores in Russia is estimated at around 7 percent in the 32.6 billion-euro ready-wear clothing market.
Moscow imposed sanctions on Turkish interest in Russia after the Turkish military downed a Russian military jet on Nov. 24, killing pilot Oleg Peshkov, allegedly because the aircraft strayed into Turkish airspace.