Suwen GM Abundance: We Will Close 2024 by Achieving Our Growth Targets

Foreks - Suwen's General Manager Ali Bolluk evaluated the brand's performance for 2024 and its future goals. The pioneering Turkish women's lingerie brand is preparing to achieve a revenue target of 4 billion TL by the end of the year.
Evaluating Suwen's 2024 performance, Ali Bolluk stated that they reached a revenue of 3.1 billion TL with approximately 21% real revenue growth in the first nine months of the year. He emphasized that the EBITDA figure grew by 36% to reach 682 million TL, stating, "We are very close to our 4 billion TL revenue target for this year. We expect our real growth to reach 25% by the end of the year."
Targeting 320 stores in domestic operations
Explaining the company's domestic growth strategies, Bolluk said, "About 84% of our revenue comes from our domestic retail channel. As of today, we operate 180 stores in 50 cities. When we evaluate our growth potential in the domestic market, we anticipate that the number of our stores will reach around 300-320. This means we can open 20-25 stores each year over the next five years. We are very meticulous in our location selection and proceed with feasibility studies prioritizing profitability."
40% real growth in e-commerce channel
Bolluk also discussed Suwen's digitalization investments, stating that e-commerce channels account for 13% of total revenue, with a 40% real growth achieved in this channel. "We continue our digital investments to provide a better experience for our customers," said Bolluk, adding, "E-commerce is an important part of our growth potential."
"Aiming for 120 stores abroad"
Ali Bolluk outlined their international growth strategies: "With the vision of creating a global brand representing Turkish women, we opened our first international store in Romania in 2022. Today, we have 7 stores in Romania and 2 stores in Northern Cyprus. Additionally, we have 9 stores in 7 countries under an exclusive dealership model. Our goal is to expand our operations in Eastern and Central Europe with 25 stores and to exceed 90 stores through our dealership system. Overall, we aim for an organization of 320 stores domestically and 120 stores internationally."
"Working with local suppliers to contribute to employment"
Bolluk also provided comments on rising costs and consumer behavior, stating they closely monitor cost increases and conduct detailed analyses. "We source over 80% of our supplies from Turkey. However, we also have the flexibility to activate our import network when necessary. Our priority is to work with local suppliers to maintain our contribution to domestic employment. This approach is crucial for customer satisfaction and sustainable growth."
"We welcomed 11.5 million visitors to our stores"
"Moreover, the KEIP market we operate in is a sector where functional need products take precedence, and quality and comfort are of critical importance. In this business, with our team of approximately 20 R&D designers, we believe we meet customer needs at the highest level. This somewhat diminishes the prioritization of price from the customer's perspective. Despite the fluctuating economic landscape in 2024, Suwen received around 11.5 million visitors to its stores, compared to 10.5 million during the same period last year. Additionally, the 21% real growth I mentioned earlier is another indicator of this."
"Creating value for our shareholders through regular dividend payments"
Bolluk summarized Suwen's financial performance and cash management: "We maintain sustainable growth while preserving our profitability. We direct the cash we generate towards new store investments and working capital needs. Furthermore, we create value for our shareholders through regular dividend payments." Emphasizing their aim to complete 2024 with strong financial performance, Ali Bolluk stated, "Suwen will continue to grow both domestically and internationally. We are taking determined steps towards becoming a global brand representing Turkish women."
"Our priority investment is in product quality and human resources"
Bolluk indicated that they shaped their employment and investment plans in parallel with their growth strategies for 2025: "In 2025, the reduction of exchange rate volatility and a more stable performance of the Turkish lira will strengthen the investment environment. During this process, as Suwen, we aim to add value to our customers and maintain our leadership in the industry by preserving our financial discipline and adopting a proactive approach to risk management. Simultaneously, our top investment will always be in our human resources, product quality, and the experiences we offer our customers. I can say that we will adopt a balanced investment strategy in 2025. We believe that for sustainable growth in business life, it is necessary to focus on productive and innovative areas. In our expectations regarding interest rates and foreign exchange, we adopt an optimistic approach that the Turkish economy will take significant steps in its pursuit of stability. Throughout this process, we will continue to invest in the real sector, namely the people and business models that build the future."