Answear.com generated record results in 2021 -. the company recorded an increase in sales revenue by 67 percent y-o-y.
Answear.com, a leading e-commerce fashion retailer in the CEE region generated PLN 281.9 million in online sales in Q4 2021, an increase of 77.8 per cent. compared to the same period of 2020. Online sales for the whole of 2021 amounted to PLN 721.2 million and increased by 66.6 per cent compared to 2020, which translated into sales revenues according to IFRS reporting in the amount of PLN 683.5 million - an increase by 66.9 per cent compared to 2020. The reported EBITDA reached PLN 46.3 million, and net profit amounted to PLN 22.9 million. The results achieved in 2021 put Answear.com in the lead of entities from the e-commerce fashion industry in terms of development dynamics.
Last year was a landmark year for us in many respects. We achieved record results both in terms of both sales growth and profitability, despite the fact that it was a year of large investments for the and management of the funds acquired in the IPO. We can proudly say that in 2021 we met all the assumptions communicated in the prospectus, realising each of the announced goals, and even surpassing some of them. First and foremost, we dynamically increased our product range from 87,000 products on sale at the end of 2020 to 145 thousand at the end of 2021. Planned for a period of 2-3 years to increase the number of 150 thousand products and 500 brands offered to customers was realised almost entirely within one year. We increased our offer mainly in the premium and mid-price brand segment so that our customers can now choose from such new brands as Penny Black, Max Mara Leisure, Victoria Beckham, Stella McCartney, Samsoe Samsoe, Sisley, United Colors of Benetton, Superdry, Boss, Paul&Shark, Tiger of Sweden, Aeronautica Militare, Marella, Eton, Lyle&Scott, Chiara Ferragni, Weekend Max Mara, Burton and many more.
In addition, at the end of the year we launched a new home&living product segment for people looking for inspiring products for home and as gifts. The offer available on Answear was carefully selected, limited to products fitting the fashion and lifefstyle segment in line with our marketing strategy. We also continued the development of our own brand Answear_Lab, increasing its sales in 2021 by 43% compared to the previous year and increasing the number of products to over 10 thousand.
We significantly strengthened Answear's position on the market by conducting three wide marketing campaigns with TV and video on-line in all the markets on which company is operating. We also successfully opened three new markets - Greece, Croatia and Cyprus - with potential to reach 15 millions of relatively wealthy inhabitants - comments Krzysztof Bajołek, Answear.com CEO.
2021 will also see further investment in IT infrastructure and logistics. The company has increased its operational capacities by extending the multi-level mezzanine and increasing the storage space in the logistics centre in Kokotów to over 50 thousand square metres, and by launching a new photo-video studio. Answear as a technology company, puts a special emphasis on the development of IT systems, it has its own team of developers, responsible for designing the main systems of the company. Last year, the process of switching to the new own e-commerce platform was completed with advanced solutions, using achievements of artificial intelligence. The above investments, as well as the launch of a mobile application in each of the markets, increase the operational efficiency and improve the shopping experience of customers, which is visible in significant increases in operational indicators such as conversion, average order value, purchase frequency or customer return rate.
Investments made in the areas of products, marketing, launching new markets, as well as development of the IT system infrastructure and logistics will certainly be a catalyst of further growth of revenues also in the following years and should successfully compensate possible lack of sales in Ukraine or periodically lower consumer demand in some markets. Successful openings of new markets mean that, in line with earlier announcements, in the coming years we will continue our further expansion abroad to secure future growth. We are also pleased with the numerous awards we have won recently as well as with the company's entry into the sWIG80 index. - adds Krzysztof Bajołek.