BestSecret Group achieves FY23 revenue growth of 16.7 percent

BestSecret Group, a European destination in off-price fashion, achieved FY23 revenues of 1,226 million euros for the year, a 16.7 percent increase.

The company said in a statement that the growth was driven by an increase in the number of active customers combined with robust order economics and a successful international expansion.

The company added that the primary driver for growth was the international segment, which contributed 39.9 percent to the overall revenue of the Group. The segment achieved revenues of 489.2 million euros, which represented a 36.7 percent year-on-year growth. Germany generated revenues of 736.8 million euros, up 6.3 percent.

BestSecret realised adjusted EBITDA of 183.7 million euros, marking a 33.4 percent improvement over the comparable prior year, while adjusted EBITDA margin improved to 15 percent in FY 2023.

BestSecret further said that the positive operational impact came from a more favourable purchasing environment, an increased share of margin accretive brands in the assortment due to the successful implementation of the company’s Elevation Strategy, and the expanded fulfilment centre network, especially in the fourth quarter.