Turkish White Goods: Cleaning Up
Arcelik is a rare bight spot incorporate Turkey.
Forgive a maker of washing machines a fondness for spin.
Hakan Bulgurlu, who manages Arcelik, the biggest producer and seller of white goods in Turkey, claims a “strong mood” has returned to his domestic market.
Sales there leapt by 35% in the first quarter compared with the same time last year.
His forecast is upbeat.
“Turkey is more resilient than it looks from the outside,” he says, citing cheery reports from dealers who run his 3,000 own-brand shops.
Reality is less whiter than white.
Many investors and traders remain spooked by political dramas, a coup plot last year and by an au