BestSecret crosses one billion euro revenue mark in 2022

BestSecret Group, an online destination for off-price fashion in Europe, generated revenues of 1,051 million euros in the fiscal year 2022, surpassing the billion-euro mark for the first time.

The company said in a release that despite geopolitical and macroeconomic uncertainty, inflationary pressures and deteriorating consumer sentiment, an increase of 11.5 percent over the previous year's revenues was achieved due to strong brand relationships and further growth in the number of active customers combined with robust customer order economics.

Commenting on the trading update, Dr Moritz Hahn, CEO of BestSecret, said: “Double-digit top line growth coupled with double-digit profitability in a challenging 2022 is a remarkable accomplishment and underscores the strength and resilience of our unique business model and the dedication of our entire team. By sustaining our profitable growth trajectory, we are reinforcing our prime position to become the #1 online destination for off-price fashion in Europe.”

The company added that the international segment was the main driver of growth, accounting for 34 percent of total revenue. Revenue generated from markets outside Germany exceeded last year’s figures by 33.7 percent, reaching 357.8 million euros. The segment Germany generated revenue of 693.3 million euros.

The company achieved an adjusted EBITDA margin of 13.1 percent in FY 2022. Adjusted EBITDA reached 137.7 million euros compared to the strong comparative prior year base of 138.7 million euros.