Turkish denim specialist Mavi continues to grow

Mavi keeps on expanding. The Turkish denim specialist’s revenue rose by 32% in the first nine months of the current financial year, something which ought to give a welcome nudge to its planned stock market listing, which was announced last May. Mavi’s revenue reached TRY1.78 billion, equivalent to approximately €300 million. Profit before interest, tax, depreciation and amortisation rose by 46% in the first three quarters, reaching TRY304 million (€51 million).

All of Mavi’s product categories posted strong performances. The jeans category increased by 25%, jackets by 43% and both shirts and t-shirts by 40%.

On the e-commerce side, Mavi boosted worldwide e-sales by 83%, as it pushes the integration of its online and physical businesses. The Turkish brand’s store network was augmented by seven new openings. The number of Mavi’s directly owned stores has now risen to 425, for a total retail area of 146,500 square metres. Altogether, the brand is present in 5,500 stores in 35 countries.

“The Mavi brand is increasingly well-known, and this is having a positive effect on sales. Comparable sales at constant exchange rates have grown by 23.5%,” said Cüneyt Yavuz, CEO of Mavi. According to Yavuz, the brand’s growth is also due to improvements in merchandising and inventory management.

"Growth will continue, part and parcel of a healthy financial situation and a strategy focused on effective execution," added Yavuz. Mavi intends to close the year in style, opening 16 new stores and enlarging a dozen existing ones. For the time being, there is no news about the company's stock market listing.

Turkish denim specialist Mavi continues to grow

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