{"id":656389,"date":"2026-11-10T07:04:13","date_gmt":"2026-11-10T07:04:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/656389\/"},"modified":"2026-11-10T07:04:13","modified_gmt":"2026-11-10T07:04:13","slug":"why-turkeys-luxury-market-is-thriving-beymen-ceo-elif-capci-explains","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/656389\/","title":{"rendered":"Why Turkey’s Luxury Market Is Thriving: Beymen CEO Elif \u00c7ap\u00e7\u0131 Explains"},"content":{"rendered":"

\n\tISTANBUL, Turkey<\/a> \u2014 Turkish retailer Beymen has made a bold bet on luxury with the opening of its largest store to date, located in Istanbul\u2019s emerging Tersane district.<\/p>\n

\n\tFormerly a military-controlled zone, the waterfront area in the Golden Horn is being repurposed into a mixed-use development that aims to cater to the country\u2019s growing luxury cohort and well-heeled tourists with a mix of high-end hotels, innovative shopping formats and cultural experiences.<\/p>\n

\n\tAt the center of it lies Beymen Tersane \u2014 Galleries of Luxury, a 130,000-square-foot multibrand store that has taken residence in a 600-year-old former Ottoman naval shipyard.<\/p>\n

\n\tDesigned by Dutch architect Rem Koolhaas\u2019 OMA agency, it is the most sophisticated expression to date of Beymen\u2019s luxury strategy under the ownership of Qatari investment fund Mayhoola<\/a> for Investments, its sole owner since 2019.<\/p>\n

\n\tOne year after opening to the public, the store on Saturday celebrated the launch of an exhibition of exceptional handbags that illustrates how contemporary designers have tapped into the rich cultural heritage of Anatolia and the Ottoman Empire.<\/p>\n

\t\t\t\t\t\t\"Diana<\/p>\n

\t\t\t\t\tDiana Ross performs at a gala event at Tersane Istanbul Event Hall. <\/p>\n

\t\t\t\t\t\t\t\t\tREHAALAN_PHOTO<\/p>\n

\n\tGuests at a welcome dinner on Friday included Alessandro Michele and Antonin Tron, creative directors of the Mayhoola<\/a>-owned luxury brands Valentino and Balmain, respectively, while Nicky Hilton, Giuseppe Zanotti and Harry Nuriev were among the 700 revelers at the next day\u2019s bash, which ended with a concert by Diana Ross.<\/p>\n

\n\tBeymen Group chief executive officer Elif \u00c7ap\u00e7\u0131 sat down with WWD to discuss why Turkey<\/a>\u2019s luxury market has so far defied a global slowdown, how the retailer is tapping into new growth engines like beauty, and why she\u2019s confident that Tersane will become one of Istanbul\u2019s prime luxury shopping districts.<\/p>\n

\n\t\u201cThis is more than a store for us. From a business perspective, it is now our biggest store, so there is a sizable business plan and a big expectation for this business to scale up,\u201d she said.<\/p>\n

\n\tThe project was four-and-a-half years in the making. When Fettah Tamince, the driving force behind Tersane Istanbul, reached out to Beymen, the area was a wasteland. Picturing the final development, with an estimated global investment of more than $2 billion, required a leap of faith.<\/p>\n

\n\t\u201cI was very scared, to be honest,\u201d Rachid Mohamed Rachid, CEO of Mayhoola<\/a> and chairman of Beymen, said during a visit to the store on Saturday. Adding to the challenge, Beymen had to conjure a world-class retail<\/a> experience without touching the walls of the historical structures, requiring an innovative architectural approach.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe waterfront Beymen Tersane store in Istanbul.<\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\tTurkey\u2019s leading luxury retailer, it jumped at the opportunity to anchor the area, which eventually hopes to draw 45,000 to 60,000 visitors per day, with peaks exceeding 100,000 during weekends and major art events like Contemporary Istanbul, according to local media reports. Beymen has invested close to 20 million euros in the store.<\/p>\n

\n\t\u201cForget what is happening in the rest of the world: The reality of luxury in Turkey is that it\u2019s a growing market and it will continue to grow,\u201d Rachid said. \u201cWe could not miss a location like this. We have to be here, and we have to be the biggest store.\u201d<\/p>\n

\t\tBring the Drama\t<\/p>\n

\n\tUnlike a traditional department store, Beymen Tersane has a horizontal layout, with nine interconnected fashion galleries, each dedicated to a specific segment and distinguished by unique color palettes and materials. The front of the store looks out over the Bosphorus and the colorful houses of the trendy Balat district.<\/p>\n

\n\t\u201cIf you\u2019re in a shopping mall, what you can do and how you can make the customer feel is very different than an environment like this. We have probably one of the best views of the town,\u201d \u00c7ap\u00e7\u0131 noted.<\/p>\n

\n\tWith its spectacular volumes, the interior is a showcase for works of art, such as a flying sculpture by Portuguese contemporary artist Miguel Rodrigues, and furniture by the likes of Mario Bellini, Verner Panton and Patricia Urquiola, alongside custom pieces crafted by South Korean designer Saerom Yoon.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe Beymen Tersane store in Istanbul. <\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\t\u201cI always say in multibrands, the drama effect is important, because you have very strong monobrand competitors,\u201d \u00c7ap\u00e7\u0131 said. \u201cAlso digital is growing very significantly, so multibrand stores have to be beyond transactional shopping.\u201d<\/p>\n

\n\tBeymen Tersane has an in-house restaurant, Bardot Bleu, and a coffee shop operated by Golden Goose. The first floor houses a homewares department and four VIP shopping suites, and there are dedicated spaces for pop-ups and temporary exhibitions.<\/p>\n

\n\t\u201cDefinitely, this store allows us to step up in terms of the way we look at experiential retail<\/a>,\u201d \u00c7ap\u00e7\u0131 said.<\/p>\n

\n\tThe new exhibit, \u201cTimeless Treasures \u2014 The Eternal Journey of the Bag,\u201d features 80 ornately embellished bags from 55 luxury brands including Dior, Etro, Dolce & Gabbana and Roger Vivier \u2014 many of them created exclusively for the event.<\/p>\n

\n\tThey are displayed alongside the three winning designs of the Beymen Young Talents Design Competition for local university students, and a Louis Vuitton wardrobe trunk made in 1886 for Sultan Abd\u00fclhamid II.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe \u201cTimeless Treasures \u2014 The Eternal Journey of the Bag\u201d exhibition.<\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\tCurated by Laurence Bena\u00efm, who previously worked with Beymen on its \u201cGolden Opulence\u201d 50th anniversary exhibition<\/a> and a companion coffee table book by Assouline, the display boasts an immersive midnight blue set design by Bureau Betak.<\/p>\n

\n\tSet to remain open until Feb. 6, it\u2019s one of several initiatives designed to attract foot traffic to the Tersane enclave, which is coming up in stages.<\/p>\n

\t\tPhased Expansion\t<\/p>\n

\n\tAn adjacent open-air luxury mall, designed by Foster + Partners, is set to be completed by September 2028. A scale model of the project indicates future tenants will include Chanel, Louis Vuitton and Miu Miu, among others.<\/p>\n

\n\tAnother mall, which is already operational, houses mainly high-street brands like Sephora, Gap, Levi\u2019s and Victoria\u2019s Secret, alongside a Chanel fragrance and beauty boutique. There are two hotels, Ali\u00e9e and Rixos, with a third in the works, and future plans include two marinas, two museums and a new ferry stop.<\/p>\n

\n\t\u201cThat means we have a business plan that\u2019s quite phased \u2014 not a very aggressive business plan, I must be very open about that. But we are running slightly ahead of that business plan. We are happy with the direction,\u201d \u00c7ap\u00e7\u0131 said.<\/p>\n

\n\tShe expects Beymen Tersane to overshoot its first-year sales target by around 15 percent, with a particularly strong response from international visitors, who account for 18 percent of sales at the store, compared with an average of 10 percent across Beymen\u2019s other multibrand locations.<\/p>\n

\t\t\t\t\t\t\"An<\/p>\n

\t\t\t\t\tAn Etro by Marco De Vincenzo bag designed for Beymen for the \u201cTimeless Treasures \u2014 The Eternal Journey of the Bag\u201d exhibition.<\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\tRecent additions to the complex include a Starbucks flagship featuring a dedicated Turkish coffee craft showcase. \u201cThe Starbucks has been open for 10 days only, and the team downstairs were saying they started to feel the impact,\u201d she said.<\/p>\n

\n\tOther tenants have also come in with special formats, like Golden Goose\u2019s artistic and creative hub Haus Istanbul, and they are organizing customer events, such as Alo community and wellness meetups, to familiarize locals with the destination.<\/p>\n

\n\t\u201cIt\u2019s really in the heart of Istanbul but for centuries, it was always military, so the public was not allowed, and we don\u2019t have the memory of coming here and spending time. It takes some getting used to,\u201d \u00c7ap\u00e7\u0131 said. \u201cEvery newcomer brings something.\u201d<\/p>\n

\n\tIn the meantime, Beymen Tersane is heavily dependent on VICs. \u201cThe traffic will grow over time, but the customers who come here, the ticket sizes are much bigger,\u201d she explained.<\/p>\n

\n\tBeymen expects Tersane will eventually rival its top two luxury retail developments in Istanbul: Zorlu Center and \u0130stinyePark.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe Beymen Tersane store in Istanbul. <\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\t\u201cWe see signs of that happening. What\u2019s very crucial for that is obviously how the monobrands, the direct operators, view this location. Almost all of them signed up for the upcoming luxury part, so we\u2019re excited, and we are increasingly relieved that this is developing as intended,\u201d the executive said.<\/p>\n

\n\tBeymen Group overall is in growth mode. The retailer, which has a total of 290 locations, expects to post revenues between 1.4 billion euros and 1.5 billion euros in 2026, up from 1.3 billion euros in 2025. Revenues in the first nine months of the year were up 15 percent year-over-year in euro terms, \u00c7ap\u00e7\u0131 said.<\/p>\n

\n\tAside from fueling a global increase in oil prices, the conflict in the Middle East<\/a> has had no direct impact so far on customer demand or logistics in Turkey, despite the fact that the country shares a border with Iran, she reported.<\/p>\n

\n\t\u201cIf anything, what we are seeing is a bit of traffic being diverted to our side from Dubai,\u201d she said, noting a rise in Russian shoppers.<\/p>\n

\n\tTourism accounts for just 15 percent of Beymen\u2019s revenues, according to Rachid. Instead, the group is banking on sustained growth in domestic luxury demand, fueled by rising disposable incomes among the expanding middle class.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe Beymen Tersane store in Istanbul. <\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\t\u201cIn Turkey and in the Middle East, we know disruption. We know that every year, every two years, there\u2019ll be some reason that you will see tourists coming down and then coming up again,\u201d he said, cautioning against over-reliance on tourist income.<\/p>\n

\n\t\u201cWe had two decades of globalization. I think we are going to see more localization now, so you are going to see more interaction with local cultures and local artworks and local workmanship,\u201d Rachid predicted.<\/p>\n

\t\tFuture Potential\t<\/p>\n

\n\tThe group runs 25 Beymen department stores in nine Turkish cities, including two locations that opened in September in Istanbul, where it does half its luxury business. Due to the geographical layout of the city, Beymen has also opened smaller neighborhood formats of between 32,300 square feet and 43,000 square feet.<\/p>\n

\n\t\u201cWe obviously have a certain DNA for Beymen, but every store is designed from scratch,\u201d \u00c7ap\u00e7\u0131 said. \u201cNo two stores are the same, neither in terms of design nor the collection, the brand mix. The portfolio varies. The design varies. We try to fit in to the location.\u201d<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe Beymen Tersane store in Istanbul. <\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\tIt also operates 56 monobrand boutiques for partner brands, a roster that has expanded with its acquisition in July of Dilasima Group, whose portfolio includes Max Mara, Boggi Milano and Furla. Openings in the pipeline include boutiques for Valentino, Ferragamo, Pucci, Zadig & Voltaire and Toteme.<\/p>\n

\n\tBeymen has also introduced a new stand-alone beauty format, Beymen Beauty Studio, or BBS, to cater to rapidly growing demand for categories including niche fragrances, makeup and skin care. Launched last year, it has three locations so far in Istanbul, with a further four planned for next year.<\/p>\n

\n\t\u201cWe don\u2019t have enough space for it in the stores,\u201d she said of the beauty category. \u201cSo this became a very obvious business opportunity for us. In order to grow, we have to go outside of the stores.\u201d<\/p>\n

\n\tBeymen expects to eventually open 30 BBS stores in a dozen key cities. The timing of the rollout will depend on the availability of prime real estate in upscale, high-traffic zones, \u00c7ap\u00e7\u0131 said. It has also rebranded its beauty departments inside the stores as BBS, with a single loyalty program across all locations.<\/p>\n

\t\t\t\t\t\t\"The<\/p>\n

\t\t\t\t\tThe Beymen Tersane store in Istanbul. <\/p>\n

\t\t\t\t\t\t\t\t\tCourtesy of Beymen Group<\/p>\n

\n\tThe retailer continues to invest in e-commerce, which accounts for 30 percent of revenues in luxury and beauty, with a targeted high-end offering.<\/p>\n

\n\t\u201cThe offer now on Beymen.com, whether you\u2019re looking for a gift for your kid, or a technology item, or a hobby, it\u2019s there in a very selective, curated way. So all these are different growth channels for us,\u201d she said.<\/p>\n

\n\tLooking ahead, \u00c7ap\u00e7\u0131 sees continued strong motors for growth in the Turkish luxury market.<\/p>\n

\n\t\u201cThis geography is a strong market for luxury for a number of reasons. It\u2019s a big population. We are more than 86 million people. It\u2019s a young population. In its essence, it\u2019s an emerging market, and it\u2019s aspirational,\u201d she said. \u201cIt\u2019s a global clientele and it\u2019s a sophisticated clientele. Fashion plays a big role.\u201d<\/p>\n

\n\tDue to the country\u2019s history of chronic inflation, the majority of transactions are conducted through credit cards which offer payment in installments, which also supports consumer spending. Added to that, Istanbul and Antalya are now among the world\u2019s top 10 most visited cities, according to Euromonitor International\u2019s Top 100 City Destinations Index 2025.<\/p>\n

\n\t\u201cDespite luxury not doing great over the last years, this has been a much more resilient and growing market, and the rest depends on how well you execute,\u201d \u00c7ap\u00e7\u0131 said. \u201cWe continue to invest because we believe in the future potential.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"ISTANBUL, Turkey \u2014 Turkish retailer Beymen has made a bold bet on luxury with the opening of its…\n","protected":false},"author":2,"featured_media":656390,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[10520,321716,111,139,69,644,145,5858],"class_list":["post-656389","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology","tag-ceo-talks","tag-mayhoola","tag-new-zealand","tag-newzealand","tag-nz","tag-retail","tag-technology","tag-turkey"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/656389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=656389"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/656389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/656390"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=656389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=656389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=656389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}