Just weeks after reporting its successful FY23 results, Cettire has reported it is maintaining its momentum with rapid, profitable growth in Q1 FY24.
Cettire ended FY23 with $ 416.2 million in sales revenue and adjusted EBITDA reporting of $ 29.3 million – a significant swing from its negative FY22 figure of -$ 21.5 million. Active customer numbers also grew 63 percent to over 423K.
Q1 FY24 has seen this rapid and profitable growth for the luxury dropshipper continue. Cettire has reported an adjusted EBITDA of $8.7 million for the quarter ended 30 September 2023 (Q1 FY24). Sales revenue grew by 92 percent versus the prior corresponding period at $127.1 million. and continued strong growth in active customers, which has grown by 67 percent vs pcp to 487,289.
The global luxury marketplace has recorded a 98 percent lift in gross profit, from $84.4 million in the first quarter of FY23 to $167.4 million in Q1 FY24.
Commenting on the Company’s performance over Q1 FY24, enigmatic Cettire Founder and CEO, Dean Mintz, said: “Cettire continues to rapidly increase penetration within the large global personal luxury goods market. During the period, we experienced broad-based momentum across both Established and Emerging Markets, supported by our localisation initiatives and marketing execution. We observed strong customer growth and an increase in AOV towards the quarter end in line with the transition to the traditionally stronger fall-winter season. The demand environment remains healthy and our focused execution is reflected in the robust quarterly performance and our momentum early in Q2, with October month-to-date-sales revenue increasing 80 percent vs pcp”.
In its FY23 results report, Cettire announced its focus for FY24 is localisation. The company’s emerging markets, which accounted for 27 percent of gross revenue in FY23, are key going forward especially its entry into the Chinese Market. Last year, the company deployed multi-language features and intends to grow capabilities in six languages this financial year, including Chinese, Japanese and Spanish.
“We are pleased by the early trading in FY24, with all our key markets performing strongly,” said Mintz in the FY23 Report. “Cettire is well positioned for another strong year of growth and profitability. We are well advanced in our preparations for China market entry, which remains a very attractive market opportunity and offers significant incremental growth potential.”