(AOF) – Spartoo suffered a net loss of 4.6 million euros in the first half against a profit of 1 million euros a year earlier at the same time. The adjusted EBITDA of the specialist in the sale of online fashion items in Europe stood at -3.1 million euros against 2.7 million euros last year at the same period.
The company explains the deterioration of its accounts mainly by a marketing investment of 3.3 million euros in television in order to develop its notoriety and the increase in online investments to acquire new customers, in accordance with the development plan.
Turnover fell by 1% to 73.9 million euros. Business volume amounted to €104.3 million, down 1.6% compared to the same period last year, when the GMV amounted to €106 million.
As of June 30, 2022, Spartoo had cash of 26 million euros and showed a net debt position of -0.6 million compared to 9.3 million euros as of June 30, 2021.
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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.