Mavi Giyim Sanayi ve Ticaret AS
IST:MAVI.E
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Mavi Giyim Sanayi ve Ticaret AS
IST:MAVI.E
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Mavi Giyim Sanayi ve Ticaret AS
Mavi Giyim Sanayi ve Ticaret AS engages in the design, manufacture, and sale of ready-to-wear denim apparel. The firm offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The firm operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. The company has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale’s and Peek & Cloppenburg.
Mavi Giyim Sanayi ve Ticaret AS engages in the design, manufacture, and sale of ready-to-wear denim apparel. The firm offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The firm operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. The company has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale’s and Peek & Cloppenburg.
Resilient Margins: Despite a tough macro environment in Turkey, Mavi expanded its gross margin by 130 basis points to 52% in Q3, and EBITDA margin rose 310 basis points, showing strong cost control and pricing power.
Revenue Decline: Consolidated revenue fell 7% year-over-year for the first 9 months of 2025, reaching TRY 33.58 billion, in line with expectations amid softer consumer demand and normalization policies.
Solid Cash Flow: Operating cash flow was robust at TRY 1.5 billion in Q3 and over TRY 4 billion for the first 9 months, with a 61% cash conversion ratio and a net cash position of TRY 4.3 billion.
Guidance Maintained: Full-year 2025 guidance is unchanged, expecting a low single-digit revenue decline and 18% EBITDA margin, with management expressing confidence in meeting targets.
Store Expansion Focus: Mavi plans to be more aggressive in Turkey store openings and expansions in 2026, potentially doubling this year’s count, supported by freed-up CapEx and strong balance sheet.
International Growth: The U.S. posted 7.3% sales growth in Q3 (USD terms), while international revenue overall declined. U.S. operations will remain a long-term focus with plans to reach 15 stores next year.
Online Channel Dynamics: Own-channel online sales outperformed with 13% volume growth on mavi.com, but total online sales in Turkey dropped 5% due to heavy industry promotions on marketplaces.
Sustainable Growth Recognition: Mavi was ranked second globally for sustainable growth by Time and Statista, reflecting its strong performance and leadership in the apparel sector.
