MAVI’S GLOBAL ONLINE SALES UP 185%

The global online sales of the denim company Mavi rose by 185%, while its e-commerce sales in the country increased by 258% and retail revenues surged by 92% in the first quarter of the year (Q1), according to the company’s financial statement. Mavi’s consolidated revenues, which rose by 96% compared to 2020 and 17% compared to Q1 2019, totaled TRY 759m in Q1 2021. “We achieved record growth with changing customer behavior. Our stores grew by 41% compared to 2019,” said Cuneyt Yavuz, CEO of Mavi. The company’s net profit exceeded its 2019 figures and reached TRY 36m. “We made progress in gross margins compared to both 2020 and 2019 with the support of our brand positioning, quality products and affordable prices as well as a high quality and customer driven strategy,” said Yavuz.