Australian-born global luxury marketplace Cettire has recorded a gross revenue lift of 90%, hitting $460.5 million, for the first half of FY24 compared to the prior corresponding period (PCP).
Alongside gross revenue, Cettire’s sales revenue lifted 89% to $354.3 million, reflecting a returns rate of 23.1%, up from 22.6% recorded in the first half of FY23.
The result comes as the company’s emerging markets continue to grow amid an ongoing localisation strategy rollout, with emerging markets contributing 31% of gross revenue during the first half of FY24 compared to 25% recorded in the first half of FY23.
Emerging markets also secured the highest growth in gross revenue compared to last year, up 138%, with established markets lifting by 74%. Cettire’s US market contributed around 54% of total revenue, with Australia around 6%.
As part of its localisation strategy, Cettire continues to focus on China market readiness, including the preparations for launch of a direct channel to consumers in the market. This has included re-platforming Cettire to enable the company to operate scalably and seamlessly inside and outside of China’s firewall.
“During the period, we experienced broad-based momentum across both established and emerging markets, supported by our localisation initiatives and marketing execution,” Cettire founder and CEO Dean Mintz said.
“Notably, we observed an acceleration in growth in revenue and active customers through the December quarter, while continuing to deliver significant profitability and cash generation.
“I believe this is our strongest trading half since Cettire went public several years ago and further demonstrates the uniqueness of our business model, the benefits of our proprietary technology platform and the strength of our execution.”
Meanwhile, Cettire’s repeat customers accounted for 58% of gross revenues, with active customers increasing to 575,888, up 83% compared to last year. The company’s average order value for the half was $791, up from $759 in the PCP.
The value of Cettire’s available inventory also surpassed $2 billion, with the company’s cash balance at around $100 million.
“Our proposition is clearly resonating with both the demand and supply side of our platform as we continue to rapidly penetrate the global personal luxury goods market.
“Due to the sustained profitability and build up in cash balance, the company has the flexibility to capitalise on growth opportunities and explore capital management initiatives.”