Fashionette news and archive

The Platform Group achieves sales and profit above forecast

The Platform Group said that pro forma gross merchandise volume (GMV) increased to 705 million euros compared to 2022 GMV of 591 million euros and forecasted 2023 GMV of 700 million euros. Pro forma net sales reached 440.8 million euros versus forecast of 440 million euros. The company added that adjusted EBITDA improved to 22.6 million euros...

Business

The Platform Group sells beauty and smartwatches categories

The Platform Group (TPG) is selling its beauty and smartwatches business categories to an undisclosed company based in Germany that specialises in online trading. The company said in a release that the transaction will be implemented as an asset deal and will be completed on January 31, 2024. “Both business areas have made losses for Fashionette...

BusinessFeatured

Fashionette H1 earning improve, raises outlook

Fashionette AG achieved operating earnings (adjusted EBITDA) increase to 1.5 million euros in the first six months of 2023. The company said in a release that operating cash flow improved from negative 7.1 million euros to negative 3.8 million euros. In light of the effects of the cost-cutting and efficiency program, Fashionette raised its...

Business

Fashionette moves headquarters to a smaller place to save cost

Fashionette AG has decided to relocate the company's headquarters in Düsseldorf as part of its cost and efficiency program. As of August 10, 2023, the company will move into a building addressed “Am Falder 4, 40589 Düsseldorf” and will offer employees a new workplace. "The previous building of the company's headquarters could not be used any...

Business

German retailer Fashionette to merge with The Platform Group

Two German fashion businesses Fashionette and The Platform Group have finalised plans to merge their activities. Since December 2022, Wiesbaden-based The Platform Group has been the majority shareholder of Fashionette, an online luxury accessories company based in Düsseldorf. Dominik Benner, the CEO of Fashionette, said in a statement: “Merging...

Business

Fashionette's turnaround strategy impacts Q1 sales

In its unaudited statement for the first quarter, Fashionette AG said sales from continuing operations amounted to 33.2 million euros, a decrease of 8 percent. The company attributed the decline to the termination of the two business areas beauty and smartwatches. Accordingly, gross income fell from 14.8 million euros to 13.1 million euros and...

Business

Fashionette forecasts improved profitability in FY23

Fashionette AG reported unaudited net revenue of 164.8 million euros and adjusted EBITDA of 0.4 million euros for the year 2022 down from figures published in an ad hoc announcement in February 2023 of net revenue of 165.8 million euros and adjusted EBITDA of 0.5 million euros. Preliminary net revenue in FY 2022 increased by 23 percent on a...

Business

Fashionette to close smartwatch division

As part of the efficiency and cost reduction program, Fashionette AG has announced that the smartwatch division will be closed in May 2023. The development follows the company’s recent decision to discontinue the beauty division. With smartwatches, the company said in a release, Fashionette and the associated Brandfield Group (Netherlands)...

Business

Fashionette to discontinue beauty division to save costs

Fashionette AG has decided to discontinue the beauty division as part of the efficiency and cost reduction program, against the background of the low sales volume and the negative contribution to earnings to date. As a result, in the 2023 financial year, the company said in a statement, it will be included in the reporting under the item...

Business

Fashionette issues profit warning

According to preliminary, unaudited group figures, Fashionette AG’s adjusted EBITDA on a consolidated basis amounted to 0.5 million euros in 2022 compared to 4.4 million euros in the previous year. The forecast adjusted in November 2022 assumed an adjusted EBITDA of 1 million euros to 4 million euros. The company attributed the below expected...

Business

Fashionette lowers outlook on subdued consumer sentiment

Fashionette AG has adjusted its forecast for the financial year 2022 after customer demand to date in the current fourth quarter fell short of original expectations due to subdued consumer behaviour. For the 2022 financial year, the company now expects a net revenue of 165 million euros to 175 million euros against 180 million euros to 187...

Business

Fashionette appoints Georg Hesse as the company’s new CEO

The supervisory board of Fashionette AG has appointed Georg Hesse as the company’s new chief executive officer (CEO). Hesse, the company said in a release, is a highly experienced e-commerce leader, who combines a track record of driving growth and scaling business with an unwavering commitment to customer-centricity and innovation. “Georg has...