(AOF) – Spartoo, one of the leaders in the sale of online fashion items in Europe, announces that its objective of growing its business volume by 10% for the 2022 and 2023 financial years has expired. The company had previously communicated on a business volume growth target of more than 10% per year until 2024. This revision follows confirmation of the slowdown in consumption in the online fashion segment, observed especially during the month of October.
“Many situational factors are adding up and impacting consumer sentiment, reducing overall sales momentum for most fashion retailers,” the company explained. The impact of inflation on consumption will remain difficult to predict over the next 18 months.
Spartoo also reaffirms the soundness of its financial structure with cash of 26 million euros, a net debt position of -0.6 million euros and gearing of -1.8% as of June 30, 2022.
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The serious European adjustment of the Internet giants
An agreement was reached on March 24 on the supervision of Internet giants, with new legislation on digital markets, the Digital Markets Act (DMA). This text aims to regulate the anti-competitive practices of the main players. With the DMA, the European Commission sets a framework to be respected, the sector now being subject to regulations similar to those of the energy, banking or telecommunications sectors. The scale of fines has also been adapted to the economic power of the players: in the event of an infringement, they may represent 6% to 20% of global turnover. In the event of a repeat offence, business transfers may be imposed. On the other hand, in the United States, the regulatory process has still not succeeded despite the authorities’ determination.
Urban transformation to enhance real estate heritage
Several initiatives are intended to densify the land around hypermarkets and/or to play on the mix of uses (commerce, office, housing and even urban logistics). Nhood, the company launched by the Mulliez family, has the mission of transforming into mixed neighborhoods sites belonging to the property companies of Auchan, Ceetrus and Nodi, and the real estate assets of other companies in the group. It will accelerate in this business of urban regeneration. The Mulliez family had planned to invest 1.8 billion euros between 2022 and 2026 in its real estate projects. This objective should soon be revised upwards. Carrefour, for its part, joined forces with the promoter Altarea in early 2021 to transform commercial areas into mixed neighborhoods.