Mavi, Turkey’s leading jeans and ready-to-wear brand, announced its financial results for the first six months covering the period between February 1- July 31, 2023. The company increased its total revenues by 104% to TL 8 billion 415 million in the first half of the year.
Mavi increased its net profit by 62% to TL 1 billion 139 million. In the reporting period, EBITDA stood at TL 1,887 million with an EBITDA margin of 22.4%. Mavi, realizes sustainable and profitable growth, grew 110% in global retail, 99% in wholesale and 80% in e-commerce in the first half of the year.
Mavi achieved over 100% sales growth in both men’s and women’s denim and lifestyle categories, as well as impressive unit growth, and continued to increase its share in the overall jeans and apparel market. The company, which aims to acquire more than 1 million new customers every year, gained 718 thousand new customers this half-year, bringing the number of active members to 6.4 million.
Mavi CEO Cüneyt Yavuz evaluated the first half performance and said the following: “As one of the world’s leading jeans and lifestyle brands, our brand positioning, dynamic product and price planning, high quality and our strategy of continuously introducing innovations to our customers enabled us to deliver a successful performance in the first half. We achieved a strong gross margin by managing rising product costs with the right pricing strategy, effective planning and procurement. Believing that we will maintain this success until the end of the year, we are revising our 2023 growth target, which we had previously announced as 75%, upwards to 80%+.
Cüneyt Yavuz continued his speech as follows, “All Blue. Bluer. Better. All Blue. We are working to fulfill our promise to produce the most sustainable jeans. This season, Natural Dye and Mavi Archive-Upcycle are among our eco-friendly collections that combine excellent designs with the latest technology, original ideas and innovation. We continue to enrich our omni-channel applications to create the happiest Mavi customers and offer the best shopping experience both in-store and online.”
“Mavi is one of the Most Trusted Brands in Turkey”
Yavuz concluded his words as follows: “Our biggest motivation is that we have established a very strong bond of trust and relationship with our customers. In the first half of the year, it examined the trust relationship between the consumer and the brand with out-of-sector and in-sector analyzes.
According to the trust survey, Mavi ranked among the most trusted brands in Turkey, among approximately one hundred and fifty brands from 16 sectors. Mavi’s strengths in terms of consumer trust were measured in terms of reputation, quality, financial soundness, responsibility and appreciation. As Turkey’s unchanging lovebrand for years, we are very happy to have crowned our strength in the market by being selected among the leading brands in trust.
