Turkish firm Mavi's revenue jumps 104% in H1 FY23

Breaking down its sales growth, Mavi triumphed with over 100 per cent increase across both denim and lifestyle categories. Its performance in the global retail market was particularly impressive, showcasing a growth of 110 per cent. Meanwhile, the wholesale and e-commerce sectors also flourished, with a 99 per cent and 80 per cent growth, respectively, the company said in a press release.

On home ground, Mavi solidified its leading position in the Turkiye market. Retail revenues skyrocketed by 114 per cent, driven by a robust 116 per cent growth in like-for-like sales and a notable 95 per cent rise in e-commerce sales.

The company has not only upheld its commitment to capturing a substantial share in the total jeans and apparel market but has surpassed expectations with sales swelling by over 100 per cent in both men's and women's denim and lifestyle categories.

Aiming to acquire more than 1 million new customers every year, the company added 718 thousand new customers in the first half, increasing the number of active members to 6.4 million.

“We achieved a strong gross margin by managing the rising product costs with the right pricing, effective planning, and sourcing strategies. Thanks to the increasing consumer demand for Mavi and our product variety, which enables us to respond quickly to this level of demand, we captured strong growth in all categories and continued to increase our market share in both men’s and women’s. Confident that we will sustain this performance until the end of the year, we are revising our 2023 guidance upwards from the previously announced 75 per cent to 80-per-cent-plus growth,” said chief executive officer Cuneyt Yavuz.

Fibre2Fashion News Desk (DP)