Total
0
Shares
Source: Cettire/Facebook
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cettire (CTT) has reported a strong increase in sales and revenue growth in its latest market update
  • The online luxury retailer says gross revenue jumped 184 per cent year-on-year to $78.9 million at the end of October
  • Sales revenue also recorded a triple-digit increase during the four month period, totalling $57.8 million on October 31
  • Additionally, Cettire announced today it had signed an agreement with Staff International to integrate its brands directly onto the online retailer’s site
  • CTT shares are steady at $4.53 per share

Cettire (CTT) has reported a strong increase in sales and revenue growth in its latest market update.

The online luxury retailer released its sales figures for the four months to October 31, revealing gross revenue jumped 184 per cent year-on-year.

All up, Cettire said gross revenue totalled $78.9 million at the end of October — well above the $27.8 million in gross revenue it had at the same time last year.

Cettire’s sales revenue also recorded a triple-digit increase during the four month period, totalling $57.8 million on October 31.

Compared to the end of October in 2020, when Cettire had recorded $21.3 million in sales revenue, this year’s total represents a 172 per cent increase.

Other positive figures to emerge from today’s market update include a 220 per cent increase in active customers and a 209 per cent surge in orders.

However, the online retailer’s average order value slipped 7 per cent, from $789 to $734, while its conversion rate also dipped slightly.

Commenting on the results, Cettire’s Founder and CEO Dean Mintz said the business was delivering on its growth strategies.

“The operating strategy we are executing on has underpinned continued strong trading results from the business,” he said.

“As offline stores reopen with COVID-19 restrictions easing, Cettire’s growth trajectory continues unabated with gross revenue up 184 per cent, the number of orders more than tripling and active customers growing very strongly.

“The focused investment to further enhance Cettire’s solid foundations is delivering results. Having invested in customer acquisition and executed strongly, October monthly traffic increased 379 per cent year-on-year.”

Additionally, CTT announced today it had signed an agreement with Staff International to integrate its brands directly onto the online retailer’s site.

Staff International is a subsidiary of international fashion group OTB S.p.A. and owns the Maison Margiela line, and Marni and Diesel accessories licences.

Cettire shares were trading steady at $4.53 each at 12:21 pm AEDT.

CTT by the numbers
More From The Market Herald

" Petratherm (ASX:PTR) begins drilling at Comet

Pertatherm (PTR) has started prospect drilling at the Comet Gold Project in South Australia.

" Australian Dairy Nutritionals (ASX:AHF) and Wellnex Life (ASX:WNX) to launch organic A2 infant formula

Australian Dairy Nutritionals (AHF) and Wellnex Life (WNX) have established a joint venture to launch Australia’s first organic A2 protein infant formula.

" Cooper Metals (ASX:CPM) encouraged by rock chip assays at Mt Isa East

Cooper Metals (CPM) has released the last batch of results from rock chip geochemical sampling at the Mt Isa East project in Queensland.
Cirrus Networks (ASX:CNW) - CEO & Managing Director, Chris McLaughlin

" Cirrus Networks (ASX:CNW) signs partnership with global IT cloud security company

Cirrus (CNW) has signed a partnership with Gigamon to provide managed security services to governments and large enterprises.