While citizens are trying to struggle with the increase in food prices, LC Waikiki, one of the biggest clothing brands in Turkey, made a striking statement on the agenda. Vahap Küçük, Chairman of the Board of Directors of the company, told Bloomberg HT that the clothing industry is not in a very good condition, and that a price hike may occur in this sector.
According to the statements made by Vahap Küçük, the reason why the sector is in trouble is cotton, which is the main raw material of textile. Stating that they bought cotton at a price of 65 cents last year, but this year at $1.05, Vahap Küçük thinks that this is temporary, but is concerned about the rise in clothing inflation. . .
“If it goes on like this for another two or three months . . . ”
In the statements made by Vahap Küçük, Chairman of the Board of LC Waikiki; “There has been an unexpected increase in cotton prices. Cotton, which was 65 cents last year, reached $1.05 this year. There is an increase of about 80 percent in dollar terms. If this continues, this will negatively affect clothing inflation. There was a similar problem in 2011, but prices were high. Then it regressed again. So it’s a temporary situation. My advice is to buy cotton as much as the order quantity, it doesn’t make sense to stock up. There is a high probability that inflation will increase by more than 10-15 points. ” expressions were used.
TÜİK, which is at the center of the discussions with the data it has announced, recently announced the inflation data for September and announced that the inflation in September reached 19.58 percent on an annual basis. According to the announced data, the item whose prices increased the most on an annual basis was food and non-alcoholic beverages. The statement from LC Waikiki management is a clear indication that we will soon start discussing the prices of clothing items as well as food prices. . .
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