Turkish Clothing Retailers End Discounts on Import Tax, HT Says

Turkish clothing retailers are ending discounts because of new taxes on imported clothing, higher raw material prices and a depreciating lira, Haberturk newspaper reported.

Customers are likely to see higher prices and a more limited selection while retailers will have lower profit margins, the Istanbul-based newspaper said, citing Turkish clothing-industry executives. Import taxes of as much as 30 percent took effect on July 21, Haberturk said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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