Cettire’s board of directors have approved new long-term incentive arrangements for the luxury platform’s founder and CEO, Dean Mintz, and its CFO Time Hume.
The plan involves a total of more than 33 million performance and service rights up for grabs, and can only be attained if the company hits certain targets. They are also subject to shareholder approval at the company’s 2026 annual general meeting.
Mintz and Hume both have different targets to hit.
For Mintz, his total number of rights up for grabs is 30,499,056, split evenly across four tranches amounting to 7,624,764 each.
To score that, Cettire needs to maintain a volume weighted average share price of $0.50, $1.00, $1.50, and $2.00, respectively across four tranches, each over the course of a continuous 90-day period.
For Hume, his arrangement is 1 million service rights and 2 million performance rights. Under the first, Hume would need to stay continuously in his role with the company through to mid-2029. This includes 500,000 on August 31 this year, and another 500,000 in three years.
As for performance rights, the company would need to hit a certain adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) over the next three years: $30 million in FY27, $45 million in FY28, $55 million in FY29.
If Cettire hits $75 million adjusted EBITDA in FY29, Hume could get an extra 450,000 rights, bringing together the total taking of 2 million performance rights.
At Cettire's current share price of $0.19 (July 29, 10am), the rights would be nominally worth $6.3 million if fully vested today. Some of the hurdles are a stretch, with Mintz's top tranche requiring the share price to rise roughly tenfold.
“Following its annual remuneration review, the board determined that a new arrangement was warranted to reflect current market conditions, incentivise and retain experienced leadership through a period of sector headwinds, and maintain alignment with long-term shareholder value creation,” Cettire shared in a statement on the ASX.
“The new grants remain largely performance-based, with vesting subject to performance hurdles and continued service over a multi-year period.”
Cettire has yet to release its full-year FY26 trading update. In the first half of FY26, the company reported a slight slip in gross revenue to $505.7 million and a drop in active customers to 613,000.
Mintz told shareholders that much of the impact on sales was driven by United States tariffs and trade policy.
“During the half year, the impact from the removal of the de minimis exemption in the US contributed to ongoing challenges in our largest market,” Mintz said.
“Notwithstanding this, the overall business was broadly stable year on year, supported by strong growth in regions outside of the US, which grew 13 per cent year on year, further diversifying our global business.”
At the bottom line, Cettire reported a statutory net loss of $1.1 million, with EBITDA at $3.3 million.
Cettire ended the first half with a cash position of $61.4 million and zero financial debt.
Mintz also noted that the global luxury market has continued to face headwinds throughout the first half, with persistent inflation pressure and subdued consumer confidence.
“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 said.
In early June this year, the company expanded its presence in mainland China through the launch of a flagship store TMall Global, a platform owned by Alibaba Group.
Cettire’s launch on the dedicated cross-border e-commerce platform, which includes a space in its Luxury Pavilion, forms part of its next chapter in scooping market share across China.
The Melbourne-born, global platform already has its own dedicated direct-to-consumer platform there, and can be found on JD.com.