About You posts strong Q1 growth, reiterates outlook

Online fashion platform About You reported first quarter net revenue
growth of 65.5 percent to 422.1 million euros.

Commenting on the first quarter trading, Tarek Müller, co-founder and
co-CEO, of the company said: “Our successful listing in June has boosted
both our visibility and our financial strength, allowing us to push ahead
full steam with our mission to digitise the offline shopping stroll.”

Highlights of About You’s first quarter performance

About You continued launch exclusive collections and personal brands
with influencers, including celebrated German musician and influencer Lena
Meyer-Landrut, adding several new brands to its hybrid fashion platform –
such as Weekday, Allsaints and Pinko as well as further increasing the
items online, reaching 426,000 in the first quarter, up by 27.5 percent.

As a result of the various initiatives, the company saw an increase in
active customers to 9.2 million, up from 6.5 million a year ago and average
order frequency. The average order value also increased to 58.1 euros from
55.8 euros a year prior.

The company said that About You’s Tech, Media, and Enabling (TME)
segment, reported net revenue increase to 34.5 million euros, up 135.8
percent, which is attributable both to increasing revenues from existing
customers as well as the go-live of new customers – including Marc O’Polo
for Tech and onboarding of customers like VF Corporation representing Vans,
The North Face, etc.

The company also continued to scale its operations internationally
during the quarter and expanded its footprint into three additional markets
of Portugal, Greece, and Norway, resulting in 119.1 percent growth in its
rest of Europe segment. The company is now present in 26 markets.

“In the run-up to our listing, we promised investors not only that About
You will launch into additional markets to build a truly pan-European
digital fashion offering, but also that we will be accelerating the
roll-out of our SaaS business while growing our tech infrastructure and
distribution centres. We are delivering on all of these points,” added
Hannes Wiese, co-founder and co-CEO.

About You improves profitability, reiterates outlook

While delivering sound top-line growth, the company improved
profitability across all segments, driving the group’s adjusted EBITDA
margin to negative 2.9 percent in the first quarter, from negative 4.2
percent a year earlier.

The company has reiterated its guidance and continues to expect group
revenues to grow by 40-50 percent to 1,630 to 1,750 million euros in the
2021/22 financial year, while the adjusted EBITDA guidance remains
unchanged at 70 million euros.

Image: About You newsroom


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.