Mavi posts 22% revenue growth in FY19

17 Mar '20

2 min read

Pic: Mavi

Mavi, Turkey's leading jeans and apparel brand, posted 22 per cent rise in its consolidated revenues in fiscal 2019 that ended on January 31, 2019 to TL 2.863 billion (TL: Turkish lira) compared to prior year. Net profit over the year increased 33 per cent to TL 134 million. Consolidated e-commerce revenues for the year soared 86 per cent.

“Mavi's exceptional brand awareness levels, our uncompromising customer focus and approach to quality from material innovation to production to after-sales services enabled us to achieve significant double-digit revenue and profit growth while attracting more new customers than ever in 2019,” Cüneyt Yavuz, chief executive officer at Mavi, said in a press release.

In 2019, Mavi reported that it continued to refocus its operations towards sustainable practices, which was notably driven forward by the alignment of all departments and processes, including procurement and supply chain.

In addition to healthy retail and wholesale growth, Mavi reportedly achieved tremendous success across its e-commerce channels, including mavi.com and strategic online business associates which, together, continue to be an important driver for future growth, as company reported.

Mavi reported that industry-leading CRM programme Kartus helped it to attract 1.2 million new customers in 2019.

“While reaching our ambitious targets and maintaining our financial discipline, we were particularly pleased to see an increase in both global transaction frequency and volume while also observing an encouraging uptick in customer traffic in our stores in Turkey, particularly in the last quarter of the year,” Yavuz said.

Mavi expects 23 per cent revenue growth in the year ahead. In Turkey, the company aims to add net 15 stores and expand 10 existing locations alongside a LFL sales growth target of 18 per cent for the full year.

Fibre2Fashion News Desk (JL)

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