Mavi, a Turkey-based leading jeans and apparel brand, has reported 16 per cent revenue decline to TL 2.4 billion (Turkish lira) during the fiscal 2020 that ended on January 31, 2020 compared to the revenue of TL 2.8 billion in the previous fiscal. The company’s profit during the complete year slipped to TL 8.0 million (FY19: TL 107.9 million).
Mavi, a Turkey-based leading jeans and apparel brand, has reported 16 per cent revenue decline to TL 2.4 billion (Turkish lira) during the fiscal 2020 that ended on January 31, 2020 compared to the revenue of TL 2.8 billion in the previous fiscal. The company's profit during the complete year slipped to TL 8.0 million (FY19: TL 107.9 million).#
“Our online sales grew by 110 per cent globally and 152 per cent in Turkey thanks to our channels coupled with marketplace partnerships that have become increasingly diversified. According to our calculations, e-commerce penetration jumped two years ahead,” Cüneyt Yavuz, Mavi CEO, said in a press release.
Mavi, a Turkey-based leading jeans and apparel brand, has reported 16 per cent revenue decline to TL 2.4 billion (Turkish lira) during the fiscal 2020 that ended on January 31, 2020 compared to the revenue of TL 2.8 billion in the previous fiscal. The company's profit during the complete year slipped to TL 8.0 million (FY19: TL 107.9 million).#
Gross profit during FY20 dipped 17 per cent to TL 1.1 billion (TL 1.4 billion), while Mavi’s operating profit fell 75 per cent to TL 90.6 million (TL 362.0 million). EBITDA came down to TL 392.1 million (TL 644.4 million).
Mavi, a Turkey-based leading jeans and apparel brand, has reported 16 per cent revenue decline to TL 2.4 billion (Turkish lira) during the fiscal 2020 that ended on January 31, 2020 compared to the revenue of TL 2.8 billion in the previous fiscal. The company's profit during the complete year slipped to TL 8.0 million (FY19: TL 107.9 million).#
“At a time when digitalisation is of critical importance, continuing with our investments seamlessly to complete our CRM and ERP transformation will allow us to respond to new needs faster and with more agility,” Yavuz said.
Fibre2Fashion News Desk (JL)
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