Melbourne-born, global luxury platform Cettire has reported a statutory net loss of $1.05 million in the first half of FY26.
This follows its net loss after tax of $2.6 million reported in the full year FY25, and is down from a $4.7 million net profit in the first half of FY25.
The latest loss comes amid ongoing margin pressures, reportedly driven mostly from US trade policy. Cettire reported a delivered margin of $54.8 million, representing 14.3 per cent of sales. This was offset by significant increases in US duties costs, but buoyed by reduced discounting activity.
At the top line, Cettire’s gross revenue was down by $8.4 million, hitting $505.7 million by the end of the first half. Sales revenue totalled $382.8 million, down from $394 million recorded in the first half of FY25.
“The global luxury market has continued to face headwinds throughout H1-FY26, with persistent inflation pressure and subdued consumer confidence,” Cettire founder and CEO Dean Mintz said. “Despite this backdrop, we have remained focused on executing our plan to grow Cettire’s share of the global personal luxury goods market while remaining self-funding.”
Mintz added that the impact from the removal of the de minimis exemption in the United States – which exempted goods valued under US$800 from duties and taxes – contributed to ongoing challenges in Cettire’s largest market.
Despite this, all of the luxury platforms markets outside the USA saw a sales lift of 13 per cent year in the first half of FY26, balancing falls in North America. This does not include Cettire’s Australian market, where sales fell by around $468,000 to $21.43 million.
Mintz also noted that Cettire’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of FY26 was $20 million higher than the last half of FY25. Adjusted EBITDA hit $8.7 million, which is down from $12.1 million reported in the first half of FY25.
Statutory EBITDA was $3.3 million.
Cettire uses adjusted EBITDA and adjusted NPAT as a non-IFRS measure of business performance which excludes share-based payments, unrealised FX loss / (gain), loss/ (gain) on FX contracts and other items.
“This result demonstrates our ability to leverage the benefits of our flexible cost base and agile business model and drive profitability,” Mintz said.
To offset challenges with US trade policy, Cettire sought to pass on higher US duties costs by adjusting its pricing where possible, albeit while carefully balancing price with maintaining overall sales volume.
As a result, higher US pricing was reflected in the 17 per cent year-on-year increase in average order value (AOV) during the period.
“Additionally, in line with the stated objective to improve profitability, the company reduced promotional activities during the half,” Cettire reported in its trading update today. “The changes to the de minimis exemption in the US in August also led to increased fulfillment costs, limiting the company’s near-term margin opportunity.”
Within the half, Cettire added Arabic language capability to capitalise on its Middle East momentum, launched a flagship store on JD platform – a China etailer – to explore further routes into China. That follows the launch of Cettire in mainland China with a locally dedicated platform.
Cettire reported it ended the first half with record available inventory levels, with published in-stock products increasing to around 323,000 at period end.
“We will continue to operate the business to maximise profitable revenue growth with an ongoing emphasis on profitability for the remainder of FY26,” Mintz said. “While the third quarter of this financial year has its challenges, performance in the final quarter is expected to be more favourable, and we could see the cycle start to turn for the better.
“With a business model that is highly flexible and agile we are extremely well positioned to quickly adapt to changing market conditions and act on opportunities to grow profitably and increase market share globally.”
Looking ahead, Cettire projects further uncertainty within the global luxury personal goods market, with performance varying significantly across geographies.
During the third quarter of FY26, Cettire is cycling a period of aggressive promotional activity and some pull forward of US demand, which occurred ahead of the Liberation Day tariffs, which were implemented in April 2025. Promotional activity had peaked in March 2025.
In light of the above, Cettire noted the Q3 FY25 comparator has made the current quarter a lot more challenging. Against this backdrop, third quarter gross revenues to-date decreased by 13 per cent versus the prior corresponding period.
“The US policy and macroeconomic environment remain dynamic and will continue to influence the sales activity in that market,” Cettire noted. “However, the company expects to achieve a significantly improved growth profile in Q4-FY26 – both in the US and the rest of the group – as the Company starts to cycle the major changes in US trade policy throughout FY25 and our initiatives to broaden the geographic revenue base build momentum.”
For the full FY26 year, Cettire anticipates sales revenue broadly similar to FY25 – which then were $742.1 million.
Cettire ended the first half with a cash position of $61.4 million in cash, up from $37.1 million in FY25, with zero financial debt.