Hordes of customers queuing in front of the Chanel store in Turkey’s upscale NiÅŸantaÅŸi area, made global headlines during the first half of August. Turkey’s financial woes caused by the devaluation of its lira have resulted in a double-edged sword: uncertainty to many local business owners, the ultimate bargain-hunt to foreign visitors. Amidst the shake-up, it are Turkey’s homegrown fashion designers that appear to come out on top.

It’s fashion month. And while all eyes are on the Paris leg currently, Turkey answered with its Mercedes-Benz Fashion Week Istanbul platform, partially overlapping the ready-to-wear presentations of New York and London. In terms of timing, the Mediterranean-based fashion event could not have occurred at a more convenient time - if one were to believe Ismail Kutlu. Kutlu, acts as the Chairman of the Board to Turkish retail group Gizia. The latter has presence in the form of 120 stores across six continents. The group’s pièce de résistance is its 2000 square meters multi-brand flagship located in Istanbul’s NiÅŸantaÅŸi neighborhood. A first of its kind in Turkey, where one will find a selection of over 100 Turkish fashion designers under one roof.

“The falling currency has definitely triggered a rise in demand for Turkish designers locally,” the Gizia Chairman says who, unlike those retailing goods by foreign designers, isn’t facing increasing wholesale prices on top of import tariffs. Kutlu further adds, “This is not the only reason customers are more likely to opt for Turkish designers, but I’d say it’s definitely a contributing factor. Nonetheless, clients are willing to spend large sums of money on Turkish designs. In some cases – when it comes to eveningwear for example - just as much as they would, if not more, on internationally-acclaimed foreign designers. Locals trust Turkish designers, and at our stores we retail local designer brands from €100 up to €10.000.”

Amongst the brands stocked by retailer Gizia is T.A.G.G., a brand founded by Turkish designer Gokay Gundogdu. Earlier this month, the designer sent his spring/summer 2019 collection of women’s ready-to-wear down the runway in Turkey’s most populous city. The brand known for offering chic couture-like pieces in ready-to-wear form, could be gaining momentum amongst local retailers now that its foreign counterparts come with a heftier wholesale price tag.

Cause despite foreign entities such as Balmain producing part of their collections in the Middle Eastern manufacturing hub, Turkey is not exempt from import duties. The country’s leading chain of luxury department stores Beymen, experiences this first-hand. The retailer witnessed its wholesale spending increase by 50% compared to the previous season, amidst a weak currency.

“More people are willing to buy luxury goods, but they cannot necessarily afford to buy. As a result, they’ll opt for the brands that allow them to spend less - this is where the Turkish designers come in,” says Beymen Chief Merchandising Officer Polat Uyal. The department store which has locations across ten different cities, is celebrated for its edit of designer pieces dominating the runways of Milan and Paris. Additionally, the retail destination caters in-house brands Beymen Collection, Academia, and Beymen Kids to its clientele. “Balenciaga, Balmain, Valentino, Saint Laurent, and Neil Barrett are amongst our top-performing brands. Then, Dolce & Gabbana made a big comeback,” the Chief Merchandising Officer says who’s been part of the company for 23 years.

Beymen Artistic Director Murat Türkili chimes in, “Balenciaga’s Triple S sneakers immediately sold out.” Whilst reminding one that it takes more than the current financial upset, to distract Turkey’s crop of high-net-worth individuals from their appetite for luxury. “The nouveau riche still wants to wear clothing that is recognizable, while old money takes a more modest approach – we call them the cashmere crowd.”