Mavi, Turkey's leading jeans and apparel brand, posted 31 per cent decrease in its revenue to TL 924.9 (Turkish lira) million during the first half (H1) FY20 ended on July 31, 2020, compared to the revenue of TL 1.34 billion in the same period last year. Company’s loss for the six months period was TL 58.3 million compared to profit of TL 31.6 million.
Mavi, Turkey's leading jeans and apparel brand, posted 31 per cent decrease in its revenue to TL 924.9 (Turkish lira) million during the first half (H1) FY20 ended on July 31, 2020, compared to the revenue of TL 1.34 billion in the same period last year. Company's loss for the six months period was TL 58.3 million compared to profit of TL 31.6 million.#
“Our online sales, including Mavi.com and sales through marketplaces, rose by 333 per cent in Turkey and 61 per cent in international markets in the second quarter. As we keep developing our online infrastructure constantly, we are confident that we will continue to achieve sustainable and profitable growth in e-commerce for many years to come,” Cüneyt Yavuz, Mavi CEO, said in a press release.
Mavi, Turkey's leading jeans and apparel brand, posted 31 per cent decrease in its revenue to TL 924.9 (Turkish lira) million during the first half (H1) FY20 ended on July 31, 2020, compared to the revenue of TL 1.34 billion in the same period last year. Company's loss for the six months period was TL 58.3 million compared to profit of TL 31.6 million.#
Gross profit for H1 FY20 fell 33 per cent to TL 442.8 million (H1 FY19: TL 661.3 million). Mavi incurred an operating loss of TL 43.1 million compared to operating profit of TL 160.5 million.
Mavi, Turkey's leading jeans and apparel brand, posted 31 per cent decrease in its revenue to TL 924.9 (Turkish lira) million during the first half (H1) FY20 ended on July 31, 2020, compared to the revenue of TL 1.34 billion in the same period last year. Company's loss for the six months period was TL 58.3 million compared to profit of TL 31.6 million.#
During H1 FY20, Mavi opened five stores and expanded 7 stores which had been originally planned for quarter one and closed 6 stores in Turkey, meeting its customers in 313 mono-brand retail stores.
Mavi, Turkey's leading jeans and apparel brand, posted 31 per cent decrease in its revenue to TL 924.9 (Turkish lira) million during the first half (H1) FY20 ended on July 31, 2020, compared to the revenue of TL 1.34 billion in the same period last year. Company's loss for the six months period was TL 58.3 million compared to profit of TL 31.6 million.#
“At Mavi, we are able to engage with diverse customer segments through different channels, thanks to our strong brand perception and positioning. As always, we will continue to invest in our brand with product innovations focused on sustainability and build on our customers' offerings to prefer Mavi,” Yavuz said.
Fibre2Fashion News Desk (JL)
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