Mavi Increases Total Revenue by 130 Percent in the First 9 Months of 2022
Mavi, one of Turkey’s leading jeans and ready-to-wear brands, has announced financial results for the first nine months, covering the period from February 1 to October 31, 2022. Mavi’s total revenues increased by 130% compared to the same period of the previous year and reached 7 billion 325 million TL.
The net income of the company also increased by 285% and reached 1 billion 158 million TL. Maintaining its strong balance sheet position, the company increased its net cash position to 1 billion 134 million TL.
Continuing to be among the brands most preferred by consumers by increasing its market share, Mavi’s retail revenues grew by 143% and one-to-one store sales by 140% in the third quarter. In its strong performance, with the basket increasing in the high inflation environment, 17% growth in the number of sales, an increase in traffic, and new customer acquisition were effective. In the first nine months of the year, Mavi achieved more than 100% growth in all product categories, including denim and non-denim.
The first and only ready-to-wear brand on the list: Mavi
Mavi CEO Cüneyt Yavuz made evaluations about Mavi’s financial performance in the first 9 months. Yavuz said; “We are very happy with the growth we achieved in our consolidated revenues, EBITDA, and net profit at the end of the third quarter. After our performance in the first half, we revised the growth target for 2022 upward and increased to 120 percent . “The latest figures give us strong indications that we will achieve this goal. One of the world’s leading jean brands, Mavi, is a well-managed company with a very strong foundation and financial structure”
Yavuz continued his words as follows: “We manage supply chain capacity, costs, and stocks in the most efficient way. Thanks to the fast sales cycle of our products on the market, we maintain our balance with the right product, the right price, and high quality despite increasing costs. We are able to provide successful performance with our brand positioning and customer-oriented strategy. We hope to exceed our target of gaining 1 million new customers a year while achieving growth above our plans in all categories, thanks to the increasing demand of consumers for Mavi and our product range that can respond quickly to this. We continue to invest in digital in Turkey and globally and make a difference. We are in uninterrupted communication with our more than 5 million active customers and 3.5 million app members.”
Mavi Launches Its Most Sustainable Product, the ‘Mavi Hemp Denim Collection’
Yavuz “In line with our All Blue strategy, we are working on integrating sustainability into our company culture, vision, products, and growth targets. In addition, we presented the “Mavi Hemp Denim” collection, which is Mavi’s most sustainable product, in the autumn. With the steps we have taken on sustainability, we have become the only ready-made clothing brand included in the BIST Sustainability 25 index, which was created for the first time and includes large and liquid companies with high sustainability performance. We will continue to work for a better and more “blue” world. ” he ended his speech.
