Turkish clothing retail giant LC Waikiki aims to top 3 spot in European market

LC Waikiki, a Türkiye-based clothing retail company, projects an increase in annual revenue to ₺207 billion ($5.87 billion) by the end of the year, aiming to rank among the top three most successful clothing retail companies in Europe by 2026.

Speaking at a press conference in Serbia on the 15th anniversary of the company’s international expansion on Dec. 19, LC Waikiki Chief of Board of Directors Vahap Kucuk stated that they are currently the fifth most successful fashion retailer in Europe.

Kucuk shared that the company plans to grow its revenue from ₺144 billion in 2023 to ₺207 billion by the end of this year. With a 40% growth target, they aim to reach ₺290 billion ($6.5 billion) by 2025.

Highlighting their direct employment of 55,000 people, Kucuk noted that LC Waikiki ranked among the top three taxpayers in Türkiye last year, excluding banks and government institutions, with ₺16.3 billion in tax payments.

In 2024, the company expects to pay ₺25 billion in taxes.

LC Waikiki earns $1.1 billion from exports

Kucuk also announced that the company’s export revenues increased from $1.1 billion in 2023 to $1.2 billion this year, with plans to reach $1.4 billion by 2025, further contributing to the Turkish economy.

Providing details about imported and locally produced products in their stores, Kucuk stated that approximately 10% of the products in their stores in Türkiye are imported, while nearly 90% of the products sold in Türkiye are domestically produced.

Kucuk also highlighted the company’s plans for 70% growth in the e-commerce sector, with a revenue target of ₺15 billion.

He also mentioned that LC Waikiki intends to invest ₺5 billion ($130 million) in logistics and digitalization, along with expanding its retail space by 120,000 square meters to reach a total of 2.12 million square meters.

Reflecting on the company’s journey, Kucuk emphasized the importance of maintaining a strong presence both in Türkiye and internationally to achieve its global branding goals.

‘Syria region we know well’

About the possibility of opening stores in Syria, Kucuk stated Syria remains a recent and uncertain matter, with the company awaiting signs of stability in the region. He explained that before the war, LC Waikiki had stores in Syria and had been actively working toward rapid expansion by establishing their own company.

“Recently, we have started receiving requests such as, ‘Would you grant a dealership or franchise?’ But Syria is a region we know well and is geographically close to us. If stability is achieved and conditions settle, we would go there ourselves. Whether workshops will be established or not will depend on the circumstances,” Kucuk said.

LC Waikiki leads markets in 23 countries

Operating in 61 countries across five continents with 1,300 stores, LC Waikiki has completed 15 years of its global journey. Since opening its first international store in Romania in 2009, the company has expanded to a wide geography, from Latin America to Africa and Asia to Europe, reaching millions of customers.

In 2024, LC Waikiki entered new markets, including Chile, Guatemala, Cote d’Ivoire, Somalia, and Mongolia. The brand achieved 55% growth this year, reaching ₺207 billion in revenue. With branded exports increasing to $1.2 billion, LC Waikiki has become a market leader in 23 countries.

Hosting 17 million customers weekly in its stores, the company delivered 600 million products worldwide throughout the year.