The grey market e-commerce platform is set to launch a direct channel to consumers in China on the back of a 90 percent year-on-year growth in gross revenue to 460.5 million Australian dollars for the six months ended December 31. Adjusted EBITDA increased 56 percent to $26.1 million.
“I believe this is our strongest trading half since Cettire went public several years ago,” said Dean Mintz, founder and CEO at the Australian-listed company.
The new localisation strategy, which will include re-platforming Cettire to operate scalably and seamlessly inside and outside of China’s firewall, follows the company’s partnership with e-commerce giant JD. com in 2022.
As of December 31, the company had a cash balance of about $100 million and zero debt, which allows Cettire to “capitalise on multiple attractive growth opportunities.”
Founded in 2017, the online platform partners with third-party wholesalers to offer products from luxury brands, including Prada, Burberry and Gucci, at steep discounts.
The Rise and Stumble of a Grey Market Upstart
Cettire rode a pandemic luxury e-commerce boom to an IPO in December, but this week trading in its shares was halted after a precipitous fall.