Turkish textile company postpones entering Russian market
Baku, Azerbaijan, March 2
By Rufiz Hafizoglu - Trend:
The Turkish Mavi Jeans textile company has postponed the store opening in Russia, Cuneyt Yavuz, head of the company, said.
Yavuz said that the company would like to open more than 20 stores in various cities of Russia, the Turkish Postmedia newspaper wrote March 2.
He said that the company has postponed the store network opening in Russia due to the crisis in the Ankara-Moscow relations.
Mavi Jeans is one of the largest textile companies in Turkey. The company was established in 1991.
Some 18 percent of jeans production in the world accounts for the company. The company's revenues amounted to 1.2 billion Turkish liras in 2015.
As of March 2, the Turkish central bank's official exchange rate is 2.9504 TRY/EURO.
The Russia-Turkey diplomatic relations soured after a Russian Su-24 was shot down by the Turkish Air Forces Nov. 24, 2015. Following the incident, Russian President Vladimir Putin signed a decree on measures to ensure national security and economic measures against Turkey.
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