Mavi reports 32 percent increase in revenues

Turkey's denim-centric lifestyle brand, Mavi, has reported that it is maintaining consistent growth in all areas, with a 32 percent increase in revenues year-to-date in 2018.

The company said, consolidated revenues increased by 32 percent to 1.778 billion Turkish Lira and net profit increased by 20 percent to 101 million Turkish Lira in the first nine months of 2018 from February 1 to October 31.

Its e-commerce continued to be a big driver, with consolidated e-commerce revenues up 83 percent, while international e-commerce revenues jumped by 110 percent, in line with the brand’s strategy to drive international expansion via its online channels.

In Turkey, it added that revenues grew by 31 percent to 1.448 billion Turkish Lira, while like-for-like stores revenue grew by 23.5 percent over the same period, with the help of seven new stores, with the company adding that it hopes to complete 2018 with 16 new store and the expansion of a further 13.

All product categories showed growth, with jeans increasing 25 percent, jackets 43 percent, shirts 40 percent, t-shirts 40 percent, and accessories 31 percent.

Cüneyt Yavuz, chief executive officer of Mavi, said in a statement: “Mavi continues to display strong brand recognition, which has had a positive impact on increased traffic and conversion rates bringing strong like-for-like growth of 23.5 percent. We are even more focused on improving efficient inventory management and speed to shelf, and on achieving successful sell-through rates.

“We have proven to be a winning brand in the current macro environment with our consumer centric market positioning focused on volume growth and market share gains. We continue to acquire one million new customers every year through our continued steady growth across all sales channels. This growth has been helped by a healthy financial structure, effective product planning and efficiency-focused strategy.”

Mavi has 425 stores and more than 5,500 sales points in 35 countries worldwide.