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Cettire reports strong sales growth, plans to invest in new storefronts

(Source: Facebook)

ASX-listed online luxury retailer Cettire reported strong revenue growth of 192 per cent in the first half of the financial year, recording $154.1 million in sales. 

Sales revenue grew 181 per cent to $113.7 million with product margin increasing by 178 per cent to $42.7 million.

The company ended the half with a cash balance $55.5 million and zero debt, positioning it well to capitalise on global growth opportunities the company wants to execute. 

The company’s web traffic increased by 80 per cent during the half with active customers increasing by 208 per cent to over 208,700 reflecting the brand’s customer acquisition and retention strategies. Repeat customers accounted for 46 per cent of gross revenues with a higher average spend per order.

The brand is also planning to launch a beauty category to expand the company’s market in the hope of becoming the world’s leading online luxury destination.

“Cettire grew very rapidly, substantially increasing unique visitors and active customers, further increasing the proportion of revenues from repeat customers, and overall continuing in its growth trajectory,” said Dean Mintz, founder, CEO and executive director.

“Given the global growth opportunity available to Cettire, we will be running the business to maximise revenues by further investing in brand and customer acquisition in order to drive long-term shareholder value.” 

For the remainder of the year, the company will focus on a customer proposition that is centred around its vast selection of luxury products, developing supply relationships, and investing in proprietary e-commerce technology to support its entry to new geographic markets. 

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