Fashion World updates

Turkish Currency Crisis a Tourist Boon

Women's Wear Daily -

Istanbul — “We’re completely sold out on classic bags in all colors if any of you are waiting for them,” a woman hastily announced Tuesday, stepping out of the Chanel store at Istanbul’s high-end shopping mall, Istinye Park, and disappointing several shoppers in a long line of luxury consumers. “I really wanted one of those classic bags. They never go out of fashion,” said Amal Al Enizi, 20, visiting from Kuwait. She was patiently waiting for her turn as the rapid devaluation of the Turkish lira against the U.S. dollar presented a fortuitous opportunity for tourists who chose Turkey for shopping. The doors of Dior, Louis Vuitton and Fendi were equally busy even though almost all adjusted their price tags in line with the lira that plummeted by 18 percent against the dollar in a matter of hours on Friday. Even the opponents of President Recep Tayyip Erdogan’s Justice and Development party, who have long cautioned about a looming economic crisis in light of the fiscal policies they criticized, failed to anticipate a tremor of such magnitude. Money markets so far have remained indifferent to reassurances of calm by Berat Albayrak, the new economy minister and Erdogan’s son-in-law as well as the Central Bank’s move

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