Answear.com with 56% revenue growth in H1 2021
Answear.com, leading fashion e-commerce seller in Central and Eastern Europe, summarises the first half of 2021. In the past period the company developed very good financial results, revenues increased by 56% y-o-y to almost 270 million PLN, while EBITDA grew by over 44% to PLN 17.6 million. Consistent growth in the scale of business is primarily the effect of constantly expanding the range of products and a broad-based marketing campaign.
- We have completed another very good quarter, in which we recorded dynamic growth in our business. As a result of the Company's IPO and recapitalisation, financial barriers were removed, allowing us to intensify our marketing activities and successfully implement our growth strategy. We can see that this has a direct impact on our sales growth. – Krzysztof Bajołek, CEO of Answear.com comments.
It is worth noting that despite the opening of shopping malls, after the lockdown period related to the COVID-19 pandemic, Answear.com sales in Q2 2021 were better than in Q1 2021. This confirms that Answear.com, being a multi-brand platform operating exclusively in the online channel, consistently increases its sales, regardless of the pandemic situation. In addition, the Company, thanks to growing sales revenues and improving margin, increased its marketing budget in the first half of 2021 to the level of 15.1% of online sales compared to 11.1% last year. Thanks to that, in the last six months Answear.com realized two wide-range media campaigns in TV and online video.
- In the past six months, we significantly increased our marketing expenditure, but, which is worth emphasising, this did not have a negative impact on our profitability. We generated EBITDA profitability of 6.5% of sales revenue. This is a natural effect of the increase in the scale of operations and dilution of fixed costs. – adds Krzysztof Bajołek.
Answear.com consequently realizes its IPO goals, which were, among others, building the position of e-fashion leader in the CEE region. In August, the company entered the Greek market. The plans for this year, in turn, are to enter another foreign market – Croatia.