Suwen Increased Turnover by 42% and Sustained Profitable Growth

Suwen, Turkey’s women’s underwear, home wear and beachwear brand, has left 2023 behind with the strategic orientations and financial gains it has achieved in the Turkish and global markets. Ali Bolluk, General Manager of Suwen, stated that the company, which expanded its domestic and international sales network during the year, achieved a sustainable growth line with a multi-channel sales strategy.

Suwen Tekstil announced its 2023 year-end financial results to the Public Disclosure Platform (KAP). According to Suwen’s financial results adjusted for inflation accounting; consolidated revenue for 2023 grew by 42% compared to the previous year and reached TL 2 Billion 504 Million. At the beginning of 2023, Suwen, which targeted a turnover of 1.8 Billion TL, achieved a turnover of over 2 Billion TL with a growth rate of 118% according to the data before inflation accounting adjustments, exceeding its targets.

The Company realised 39% turnover growth in domestic retail and 73% in e-commerce channels. The increase in domestic retail turnover was mainly driven by a 29% turnover increase in one-to-one stores.

Suwen Reached a Total of 190 Stores in Turkey and Abroad

Continuing to develop its store network in Turkey and abroad, Suwen reached a total of 190 stores in 2023 with 18 stores opened in Turkey and 14 new stores opened in 10 countries abroad, providing a more comprehensive access to its customer network. Domestic merchandising accounted for 84% of the turnover, e-commerce for 12% and international merchandising for 3%.

Ali Bolluk, General Manager of Suwen, stated that the increase in Suwen’s brand awareness and the increase in the number of customers and the growth in the number of customers were the important factors behind this financial success and made the following evaluations regarding the year-end financial results of 2023:

“The year 2023, on the 100th anniversary of our Republic, was a year in which we, as Suwen, took strategic steps towards becoming a global brand in our sector both at home and abroad. We have achieved a sustainable growth line with the investments we have realised in the domestic market and export channel and a multi-channel sales strategy. We have expanded into new markets and brought Suwen quality to more people. We have signed dealer agreements for a total of 57 stores in 11 countries for the next 5-year business plan. This financial success we have achieved is the result of the right strategies we have implemented, our strong management team with sector experience and market understanding, and of course our professional, expert employees. I would like to thank each and every one of them for their passionate work.”