Online luxury retailer Cettire has reported flat sales growth in FY25 compared to the prior financial year, alongside a full-year net loss after tax.
This follows a growth spurt over the last five years, from $23 million in revenue in FY20 to $742.1 million in FY25. The latest revenue recording is down by $200,000 from FY24.
The stalling of revenue growth in FY25 was matched with a reported net loss after tax of $2.6 million, down from a $10.5 million profit in FY24, with a fall in delivered margin percentage of 480 basis points to 16.1 per cent.
Cettire founder and CEO Dean Mintz said the global luxury market faced significant headwinds throughout FY25, contributing to a slowdown in demand. Headwinds included persistently high inflation and the flow-through impact to reduced consumer spending, as well as growing trade and geopolitical tensions, according to Mintz.
“Despite the challenging backdrop, we have remained focused on consistent execution against our plan to grow Cettire’s share of the global personal luxury goods market profitably,” Mintz said.
During FY25, Cettire claimed the industry backdrop proved challenging as the global personal luxury goods market experienced a softening in consumer demand across most geographies. This resulted in several major luxury brand owners experiencing significant year-over-year revenue declines during the period.
Louis Vuitton’s parent company LVMH reported a revenue decline of 4 per cent for the first half of 2025, hitting €39.8 billion (~A$71 billion).
Kering and Burberry have also reported revenue slumps over the last year.
On top of this, changes in the United States’ trade policy in the fourth quarter of FY25 contributed to a period of macroeconomic, foreign exchange and consumer uncertainty, particularly in the US, which makes up around 40 per cent of Cettire’s gross revenues and is its largest market.
Looking ahead, Cettire noted that there continues to be uncertainty within the global luxury personal goods market, with performance varying significantly across geographies.
Cettire reported the US has exhibited volatility throughout calendar year 2025, particularly through the June quarter. “Year-on-year growth rates in the US have materially improved in July and August month-to-date,” Cettire noted. “However, the changes to the US de minimis rules, effective 29 August 2025, could result in significant market disruption, and it is uncertain whether the improving trends Cettire has experienced in the US during July and August will continue.
In FY26 year-to-date, overall gross revenues have increased by low-single digit per cent versus the prior corresponding period, with Cettire adding that its emerging markets are increasing by double-digit per cent.
In the seasonally low month of July, Cettire reportedly delivered positive adjusted EBITDA. This is off the back of a full-year adjusted EBITDA of just $300,000, down from $32.5 million in FY24.
“Cettire’s business model is highly flexible, enabling quick adaptation to market conditions and cycles. The company continues to operate the business to maximise profitable revenue growth whilst also self-funding, with increased emphasis on profitability in FY26.”
The latest update comes as Daniel Agostinelli steps down from the Cettire board today, a few months after joining in early April, to focus on his CEO role at Accent Group.
Cettire’s chairman, Steven Fisher, said Agostinelli has played an important role in board deliberations since his appointment, sharing his wealth of retail experience.
“The board extends its sincere thanks and appreciation to Daniel for his contribution to Cettire during FY25 and respects his decision to devote his time to his current executive commitments.”