Fashionette posts strong sales growth

In the 2021 financial year, Fashionette AG net sales increased by 41.2 percent compared to the previous year to 133.8 million euros, while in the fourth quarter, net sales increased by 60 percent to 53.2 million euros.

The company also announced that its CEO Daniel Raab will be stepping down from his position at the end of September 2022 for personal reasons.

"2021 was one of the most eventful and extraordinary years for Fashionette. For us, 2021 was the first full year as a listed company and was marked by many important strategic decisions,” said Raab.

Commenting on his decision to step down as the company’s CEO, he said: "The decision was not easy for me, after being involved not only personally but also as an investor and having built a young and committed team around me. I value the relationships we have developed with our suppliers over the years , customers and business partners, but I think that the start of this new phase for the company is a good time for me to step down."

Highlights of Fashionette’s full year results

The company said in a statement that adjusted EBITDA reached 4.4 million euros after the conversion to IFRS and 3.6 million euros according to HGB. On a pro-forma basis, the group achieved an adjusted EBITDA of 5.7 million euros in the past financial year with growth in net sales of 21 percent to 154.8 million euros.

The number of active customers increased to 976 thousand in 2021, an increase of 32.4 percent compared to 2020. In addition, the number of new customers in the 2021 financial year increased by 26.7 percent to 760 thousand on a pro forma basis.

During the year under review, the group launched beauty, its newest product category with more than 100 premium and luxury beauty brands and more than 3,000 new beauty products and integrated Brandfield into the operational business and thus strengthened its presence in the Benelux region.

For 2022, the company expects net sales to increase by around 16 percent to 21 percent and the adjusted EBITDA to reach around 5 million euros to 7.5 million euros.