Australian luxury etailer Cettire has reported 101% growth in gross revenue across emerging markets during the first half of FY23, citing a localisation strategy for the result.
In H1 FY23, the Company deployed multi-language features via the release of a Chinese language site. A Chinese language version of its mobile apps is also now live.
The Company also broadened its partnership with Klarna to selected European markets, including the UK.
Emerging markets accounted for 25% of gross revenue during the first half, compared with the prior corresponding period.
Cettire founder and CEO Dean Mintz welcomed the half year results, saying the Company remains focused on executing its strategy to maximise profitable revenue growth.
“I am particularly pleased that we have been able to continue our growth trajectory while cycling a period of significant marketing investment in Q2-FY22,” Mintz said. “Having successfully executed against the strategy outlined at our FY22 results, the H1 FY23 result highlights the potential of our unique business model as well as the benefits of our proprietary technology platform as we continue to scale globally.”
The Company has seen growth across its revenue streams, with a rise in both gross and sales revenue of 57% and 65% respectively vs pcp.
Its delivered margin increased by 90% vs the pcp to $47.0 million, representing 25.1% of sales revenue, with Cettire citing a successful execution on cost optimisation initiatives, which reduced fulfilment cost per order and was supplemented by a higher average order value.
In the same period, Cettire’s paid acquisition costs decreased to 7.9% of sales revenue, down 8.2% on last year.
The company saw an operating cash flow of $35.8 million, an increase of 192% vs the pcp
Meanwhile, Cettire also reported strong growth across its global supply chain, with available inventory now surpassing $1.2 billion. This is reportedly buoyed by the Company’s recent signing of a commercial agreement with Italian fashion house Zegna in December 2022.
The direct integration with Zegna adds to Cettire’s existing assortment, which enables Cettire to offer a large range of luxury goods online, which sells around 400,000 products from more than 2,500 brands.