Mavi’s Consolidated Revenues for Q1 Reach 9.777 Billion TL, with Net Profit of 810 Million TL

Turkiye’s leading jeans and apparel brand, Mavi, announced its financial results for the first quarter covering the period from February 1 to April 30, 2025, prepared in accordance with inflation accounting standards.

During this reporting period, marked by the effects of anti-inflation policies and a high base effect, consolidated revenues decreased by 14% year-over-year to 9.777 billion TL. Despite weakening consumer demand, the company maintained its gross margin at 52% and achieved a net profit of 810 million TL. The company closed the quarter with an EBITDA of 2.014 billion TL and an EBITDA margin of 20.6%. Mavi continued to generate cash from operations and preserved its solid balance sheet, increasing its net cash position by 4% compared to year-end, reaching 6.071 billion TL.

Mavi currently operates in 36 countries with 481 stores and approximately 4,000 points of sale worldwide. In line with its sustainable growth strategy, the company plans to close the year with 20 new store openings in Turkiye, store expansions in 15 locations, and 8 new store openings in the U.S. E-commerce now accounts for 10% of total revenues, and Mavi continues to invest in digital and omnichannel initiatives.

In the first quarter, Mavi acquired 400,000 new customers, bringing its number of active customers over the past year to 6 million, and its Mavi App users to 8.5 million. Holding over 25% market share in Turkiye’s jeans segment, the company maintains its position among the top three in the overall apparel market and remains the top-of-mind jeans brand with a 70% recognition rate.

“We Preserve Our Solid Balance Sheet Through the Right Product, Right Price Strategy”

Mavi CEO Cüneyt Yavuz commented on the company’s performance in Q1 2025:

“With our strategy of the right product, right price, and premium quality, we are maintaining a healthy balance sheet and growing our share in the apparel market. By making data-driven decisions, we are effectively managing change, and through a flexible supply chain, efficient planning, and disciplined stock and working capital management, we continue to generate cash and net profit from our operations.”

“We Remain Focused on Long-Term Sustainable Growth”

“As a brand for every age, body, lifestyle, and fashion preference, we have continued to reach potential new customer segments and engage more closely with existing ones through our strong product portfolio and omnichannel sales strategy. Our ‘Kartuş Genç’ program, launched in April 2025 to address the expectations and needs of young people under 24, reached 100,000 members in a short time.

In line with our first-quarter results, we are maintaining our year-end expectations. For the remainder of 2025, we will stay focused on our long-term sustainable growth goals. In this context, we are strengthening our retail network with expanding store sizes and next-generation store concepts. We aim to improve customer experience through omnichannel solutions and maintain our strong market position.

Once again this year, we are proud to be the first and only Turkish apparel company to achieve a double A rating on CDP Global’s Climate Change and Water Security reports. We remain firmly committed to our focus on long-term sustainable growth.”