Mavi, Turkey’s leading jeans and apparel brand, has reported 2 per cent revenue growth to TL 827.0 million (Turkish lira) during the third quarter (Q3) FY20 ended on October 31, 2020, compared to the revenue of TL 808.1 million in the same period previous fiscal. Company’s profit for Q3 FY20 increased to TL 83.8 million (Q3 FY19: TL 63.4 million).
“In the first nine months, our online sales grew by 113 per cent globally and 161 per cent in Turkey thanks to our own channels coupled with marketplace partnerships that have become increasingly diversified, especially since May. As a result, the share of e-commerce in our total sales rose to 11 per cent,” Cüneyt Yavuz, Mavi CEO, said in a press release.
Gross profit for Q3 FY20 rose 2 per cent to TL 416.6 million (TL 407.7 million). However, Mavi’s operating income dropped 9 per cent to TL 129.0 million (TL 142.2 million).
“The positive performance of our stores, which we reopened starting from June 1 by implementing all health measures for our customers and employees with our ‘People First’ approach, led us to a period of rapid recovery,” Yavuz said.
“Despite the unprecedented developments, we stayed on track with our 2020 strategy and kept working, offering innovations to the customers and informing them with continuous communication. We expanded the Mavi Black Pro collection with Kivanç Tatlitug and Serenay X Mavi Icon collection with new technical fabrics and casual jean fits, maintaining our growth target in women’s and men’s market,” Yavuz said in the release.