Turkey Emerges as Luxury Fashion Frontier as Global Sector Seeks Growth
Turkey is becoming a prime destination for luxury tourism and enhancing its local upscale shopping scene. The luxury market was valued at $3.4 billion last year and is expected to grow to $4.5 billion by 2034. Direct flights to Russia and visa-free access for Russian and Iranian tourists attract affluent visitors. The new Istanbul airport has surpassed Heathrow, connecting to 337 destinations globally. Florentia, a retail complex near the airport, will feature over 100,000 square meters of retail space, a luxury hotel, outdoor entertainment, and access to more than 200 international brands. Local retailer Beymen is innovating with new concepts, while Cartier celebrated its latest jewelry line on Büyükada. The Kocabiyikoglu sisters' brand, Nackiyé, has gained international acclaim. Experts like Luca Solca and Demet Müftüoğlu Eşeli emphasize Turkey's potential, contingent on political stability and President Recep Tayyip Erdoğan addressing tensions with Israel and Greece.
Key facts
- Turkey's luxury market was valued at $3.4bn last year and is estimated to reach $4.5bn by 2034.
- The new Istanbul airport overtook Heathrow as the world's best-connected airport with 337 destinations.
- Florentia, a new retail outlet near the airport, will offer over 100,000 sq m of retail space, a luxury hotel, open-air entertainment and access to more than 200 international labels.
- Turkish retailer Beymen opened a store in Tersane-i Âmire designed by OMA.
- Cartier recently visited Büyükada to celebrate new jewellery collections with regional creatives.
- Homegrown label Nackiyé, run by sisters Defne and Basak Kocabiyikoglu, has retail partnerships in Hong Kong, Japan and the US.
- Luca Solca is managing director and global head of luxury goods research at Bernstein.
- Demet Müftüoğlu Eşeli is curator and co-founder of editorial platform '74Escape.
Entities
Artists
- Luca Solca
- Defne Kocabiyikoglu
- Basak Kocabiyikoglu
- Demet Müftüoğlu Eşeli
- Recep Tayyip Erdoğan
- Natalie Theodosi
Institutions
- Bernstein
- Nackiyé
- Beymen
- OMA
- '74Escape
- Cartier
- Monocle
- Florentia
Locations
- Turkey
- Istanbul
- Tersane-i Âmire
- Büyükada
- Russia
- Iran
- Gulf region
- China
- India
- Hong Kong
- Japan
- US
- UAE
- Western Europe
- Israel
- Greece
- Heathrow
Sources
- Monocle —