- Danielle Wightman-Stone |
Turkey's leading jeans and apparel brand Mavi has reported a 32 percent increase in revenues for its full year financial results for the year ending January 31, 2019.
The company said, consolidated revenues increased by 32 percent to 2.353 billion Turkish Lira and net profit increased by 12 percent to 101 million Turkish Lira year-on-year.
Mavi’s focus on effective inventory management and high sell-through performance resulted in an EBITDA increase of 46 percent and an improved EBITDA margin of 15.6 percent, up from 14.1 percent in 2017.
Continued investment in digital platforms also paid off as Mavi recorded an increase of 118 percent in its global e-commerce revenues.
Its “solid financial performance and sustained growth” states the brand comes as it achieved growth across all product lines in Turkey with a 24 percent revenue increase in jeans, 39 percent in jackets, 35 percent in shirts, 36 percent in knits, and 32 percent in accessories. In addition, Mavi also attracted over one million new customers to the brand in 2018.
Revenues in Turkey grew by 30 percent to 1.471 billion Turkish Lira, driven by 22.5 percent like-for-like growth, and the opening of 13 new stores and the expansion of a further 10 stores. As of the end of the financial year 2018, Mavi operates 427 stores globally.
Cüneyt Yavuz, chief executive officer of Mavi, said in a statement: “We are delighted with our healthy performance and continued growth which is testament to Mavi’s unique brand identity, powerful customer engagement and uncompromising approach to quality. I would like to take this moment to thank the entire Mavi team for their outstanding contribution to the successful financial year.
“We further recorded a 103 percent increase in e-commerce, one of our priority channels. Our continued investment in digital channels will play an important role in delivering on our target of sustainable profitable growth. Our operating cost efficiency strategy also proved effective as we delivered on our EBITDA margin guidance with an increase of 150 base points to 15.6 percent.”