Istikbal, Turkey’s largest furniture maker, opened a store in Zurich, Switzerland, in early September as part of its plans to increase its investments in Europe, including additional stores in Turkey.
“We are a company that knows how to turn crises into opportunities,” Memduh Boydak, CEO of parent company Boydak Holding, said at the store's opening ceremony.
Istikbal recently opened two sales offices in Athens, Greece, and continues its growth in Turkey. The Zurich store is the company's 10th store in the Black Sea province of Samsun.
“Our target is to become one of the three largest furniture producers in the world by 2023, and we are continuing to progress toward this aim,” Boydak Holding Deputy Chairman Mustafa Boydak said at the store's opening.
The Zurich store has an investment cost tag of $3.2 million.
Currently, Istikbal has 850 stores in Turkey. It has plans to increase that number to 880 before the end of 2014.