Tuesday, November 9th, 2021
Sales rise to 396 million
About You is growing rapidly
The online fashion retailer About You has been running since it took to the floor in June – sales rose by 53 percent in the second quarter. The number of customers is also growing thanks to exclusive collections from Leni Klum and Kendall Jenner.
The online fashion retailer About You is able to maintain its rapid growth rate. “It could hardly have gone better since going public,” said company boss Tarek Müller about the time since going on the floor in June, when About You was valued at four billion euros. The Otto subsidiary increased its sales in the second fiscal quarter at the end of August by 53 percent to almost 396 million euros. That was slightly below the maximum forecast of 55 percent, but well above the revenue increase of 23.4 percent that the larger competitor Zalando had recently.
The About You share, which is listed in the SDax small value index, climbed by more than 3 percent to 19.10 euros, but was still well below the issue price from the IPO. The analysts from JPMorgan spoke of a solid quarterly result. At the end of August, About You reported that it had 9.7 million customers, 37 percent more than a year earlier – also thanks to the high-demand exclusive collections from models Kendall Jenner and Leni Klum.
The recent entry into new countries such as Italy, France, Greece and Portugal should ensure further growth. “We can see that things are going very well. All expectations are being met,” said Müller, who also confirmed the sales forecast that was raised in September. According to this, About You believes that in the 2021/22 financial year (as of the end of February), sales will increase by up to 52 percent to a maximum of 1.775 billion euros. The technology division, which sells infrastructure solutions to other companies, makes a major contribution to growth. From June to August, it increased its sales by 181 percent to almost 40 million euros.
About You recently bundled its business with business customers under the Scayle brand. About You continues to invest heavily in the business. The operating loss (Ebitda) stagnated in the past three months at almost 13.1 million euros. For the full year, an adjusted operating loss (Ebitda) of around 70 million euros is still expected. Initially, Müller does not want to start in any other new countries, but instead concentrate on the autumn and winter seasons with sales promotions such as Black Friday.