The requirement was introduced in 2023 from end-2023 to 2026 after inflation soared above 85 per cent in 2022 following big cuts in interest rates leading to a currency crash.

According to the new regulation, accounts of Turkish companies will not be subject to inflation adjustment for the 2025, 2026 and 2027 fiscals.

Turkey’s parliament has approved a law to drop a requirement for firms to produce inflation-adjusted accounts for three fiscals beginning this year.
The requirement was introduced in 2023 till 2026 after inflation soared above 85 per cent in 2022 following big cuts in interest rates.
Accounts of Turkish firms will not be subject now to inflation adjustment for the 2025, 2026 and 2027 fiscals.

The regulation authorises the president to extend this period for another three years, a global newswire reported.

Turkey’s Bnking Regulation and Supervision Agency (BDDK) recently said it had decided that banks and financial leasing, factoring, financing, savings financing and asset management companies would not apply inflation accounting.

Turkey’s annual inflation was 31.07 per cent in November, the lowest in four years.

Fibre2Fashion News Desk (DS)

Select Country Afghanistan Albania Algeria Andorra Angola Argentina Armenia Aruba Australia Austria Azarbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bhutan Bolivia Bosnia&Herzegovina Botswana Brazil Brunei Bulgaria Burkino Faso Burundi Cambodia Cameroon Canada Canary Islands Chad Chile China Colombia Congo Costa Rica Cote d Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominican Republic Ecuador Egypt El Salvador Estonia Ethiopia Fiji Finland France French Polynesia Gabon Gambia Georgia Germany Ghana Greece Grenada Guatemala Guinea Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Israel Italy Ivory Coast Jamaica Japan Jordan Kazakhstan Kenya Korea Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Mauritania Mauritius Mexico Micronesia Moldova Monaco Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Norway Oman Pakistan Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Sahara Samoa Saudi Arabia Scotland Senegal Seychelles Sierra Leone Singapore Slovakia Slovenia Somalia South Africa Spain Sri Lanka Sudan Surinam Sweden Switzerland Syria Taiwan Tajikstan Tanzania Thailand Togo Trinidad &Tobago Tunisia Turkey Turkmenistan Uganda Ukraine UAE UK USA Uruguay Uzbekistan Vanuatu Vatican city Venezuela Vietnam West Indies Yemen Yugoslavia Zambia Zimbabwe

Select State Andaman and Nicobar Islands Andhra Pradesh Assam Chandigarh Dadra and Nagar Haveli Delhi Gujarat Haryana Himachal Pradesh Jammu and Kashmir Kerala Lakshadweep Maharashtra Manipur Meghalaya Karnataka Nagaland Orissa Pondicherry Punjab Rajasthan Tamil Nadu Telangana Tripura West Bengal Sikkim Arunachal Pradesh Mizoram Daman and Diu Goa Bihar Madhya Pradesh Uttar Pradesh Chhattisgarh Jharkhand Uttarakhand

USPA Global is pleased to announce the acquisition of Aydinli Hazir Giyim San. Tic. A.S. (Aydinli Group) by HRK Holding A.S. (Saat & Saat). Both entities are licensing partners of U.S. Polo Assn., which is USPA Global’s multi-billion-dollar sports brand and the official brand of the United States Polo Association (USPA). As one of the brand’s largest partners, the acquisition of Aydinli provides access to more than 50 countries across Turkey, the Middle East, Eastern Europe, and North Africa.

USPA Global has announced HRK Holding’s (Saat & Saat) acquisition of Aydinli Group, both key US Polo Assn partners.
The deal expands Saat & Saat into global apparel, giving access to 50+ countries.
With 450+ stores, the brand targets $1bn regional sales, strengthening growth across Turkiye, the Middle East, Eastern Europe and North Africa.

With this acquisition of Aydinli, Saat & Saat is expanding the company’s regional portfolio alongside its very successful watch business by entering the global apparel industry. With more than nearly 450 U.S. Polo Assn. stores and multiple branded digital sites, U.S. Polo Assn. will continue its record growth. Aydinli is currently one of the leading retail powerhouses in the region, with significant growth potential and a well-established sales network spanning monobrand stores, department stores, and e-commerce channels.

“We would like to congratulate Ramazan Kaya, as Founder and CEO of Saat & Saat, on the recent acquisition of Aydinli,” stated J. Michael Prince, President and CEO of USPA Global, who globally manages the U.S. Polo Assn. brand worldwide. “As a long-time partner of U.S. Polo Assn., we believe this strategic transition will provide our global sports brand the opportunity to elevate and expand our business, targeting $1 billion in retail sales across the region in the coming years.”

“I would also like to personally thank Mr. Seref Safa, Past Chairman of Aydinli, for his leadership and TMSF for their support over the years. Together, we built a strong foundation that will lead to a bright future,” Prince added.

Following the successful closing process, Ramazan Kaya, CEO of Saat & Saat, will serve as CEO of Aydinli Group.

“We’re proud to take this important step in our long-standing partnership with U.S. Polo Assn., expanding and strengthening our presence in one of the most dynamic retail markets in the world,” said Kaya. “This acquisition allows us to accelerate growth, enhance our capabilities, and position both our company and the brand for a powerful next phase in Turkey, the Middle East, Eastern Europe, and North Africa.”

“This milestone reflects our shared vision with U.S. Polo Assn. — to elevate an iconic global brand while continuing to innovate and inspire through the lifestyle it represents. The Team at Saat & Saat is energized by the opportunity to shape the future together,” Kaya added.

The partnership with Aydinli and U.S. Polo Assn. began in 1997, with accelerated growth across the region for nearly 30 years. Among the partnerships, many successes in Istanbul’s flagship Istinye Park U.S. Polo Assn. store, completed by Aydinli in 2024. Further, U.S. Polo Assn. has launched nearly a dozen brand-specific websites in the region to enhance digital offerings for customers further and provide easier access to its product offerings, with early results exceeding expectations, reinforcing the authentic connection between the sport and the brand.

As one of Turkey and the Middle East’s leading casualwear power brands, U.S. Polo Assn. has a retail footprint of more than 1,500 points of sale across more than 50 countries in Turkey, the Middle East, Eastern Europe, and North Africa. With Turkey and the Middle East being one of the global, multi-billion-dollar sports brand’s largest markets, the expectation is that U.S. Polo Assn. will be a billion-dollar brand in this region in the coming years. Globally, the U.S. Polo Assn. brand is in 190 countries and has global retail sales of more than $2.5 billion.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (HU)