Turkish denim brand Mavi's sales double in first half to TL 1,837 mn

First half (H1) sales at Mavi, a Turkey-based leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company’s profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

“Mavi is an always forward-looking brand, and as we mark our 30th anniversary in 2021, we strive to drive the company into the future with all our might. This year we made significant strides in integrating sustainability into our corporate culture, vision, how we do business, products, and growth targets, empowered by the Mavi All Blue strategy, which we built on ‘sustainable growth through quality’,” Cüneyt Yavuz, CEO at Mavi, said in a press release.

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

“I am confident that we will maintain the successful performance we captured in the first half until the end of the year thanks to our brand positioning and strategy of offering the right product at the right price with high quality and customer-focus, effective risk management in an environment of uncertainties, and datadriven decision-making mechanisms,” Yavuz added.

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

As foot traffic returned to pre-pandemic levels in the second quarter, when the stores were mostly open, Mavi captured high retail sales performance recording 84.9 per cent same-store sales growth compared to the same period in 2020, according to the company. As retail maintained its growth trend, Mavi’s e-commerce sales also increased by 97 per cent globally and 128 per cent in Turkey. Meanwhile, the share of global e-commerce volume rose to 17.20 per cent in total revenues.

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

Gross profit during the first half ended on July 31, 2021, accelerated to TL 941.7 million (TL 442.8 million), while operating profit totalled to TL 239.9 million over loss of TL 43.1 million in the H1 of FY20. The Turkish brand’s EBITDA recorded four-fold jump to TL 404.5 million.

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

The company’s total revenue consists 59 per cent retail, 27 per cent wholesale and 14 per cent e-commerce as of H1 FY21. Moreover, sales from Turkey escalated to TL 1,477 million (TL 761 million), while international sales rose to TL 360 million (TL 164 million).

 

First half (H1) sales at Mavi, a Turkish leading jeans and apparel brand, almost doubled to TL 1,836.5 million (Turkish lira) compared to TL 924.9 million in the corresponding period of previous fiscal, and 37 per cent up against same period of 2019. The company's profit during the six-month period increased to TL 138 million (H1 FY20: loss TL 58.3 million).#

“Our goal is to exceed 70 per cent in revenue growth and 20 per cent in EBITDA margin by year-end. We will continue to drive our e-commerce growth with Mavi’s strong digitalisation efforts and CRM infrastructure. On the other hand, we plan to close the year with five net new store openings and nine existing store expansions to further reinforce our retail operations,” Yavuz said in the release.