Answear.com successfully completes first stages of integration of acquired brands
Answear.com, a leading e-commerce provider of fashion, home & lifestyle and outdoor products in the CEE region, which generated revenues of nearly PLN 1 billion in the last reported year, has officially closed the acquisition of Sneakerstudio and PRM brands and successfully completed the first steps of their integration into Answear.com structures. Thanks to the acquisition, the Company will expand its business to a new segment and customers interested in premium and luxury products.
The first actions taken by Answear.com are related to realizing operational synergies as soon as possible, which will directly improve profitability and increase revenues. In the first days of June, the company completed the transfer of Sneakerstudio and PRM inventory from its warehouse in Skawina to Answear.com's shared central warehouse in Kokotow. The relocation of inventory will reduce logistics costs and simplify the order shipping process. The company has also successfully integrated the data to run the PRM stores on Answear's own e-commerce engine and taken on employees from the acquired brands.
- We see great potential in the sneaker & streetwear segment and look forward to leveraging each other's strengths by combining the unique offerings of Sneakerstudio and PRM with our own operational efficiencies, technology and logistics facilities. We have already successfully completed the initial integration activities, which will have a long-term positive impact on the Company's operations by not only reducing operating costs, but also providing opportunities for revenue growth. In line with previous announcements, we plan to break even on the acquired brands later this year, commented Krzysztof Bajołek, CEO of Answear.com.
Answear.com has also decided to transform Sneakerstudio into PRM.com. The concept of the new PRM.com is to respond to the needs of the metropolitan community by offering select high-end sneaker & apparel brands and activities that promote broader culture and design.
- We decided to merge Sneakerstudio into a PRM brand to offer a more complete range of fashion and streetwear products. We didn't want to limit ourselves to just footwear, it's in our business DNA to offer a full range of footwear, apparel and accessories. Of course, sneakers remain a key component and we want to continue to acquire new brands, offer unique collaborations and special collections. We also plan to further develop the shopping platform, says Kamil Bajołek, PRM Brand Director.
In early June, Answear.com launched the first PRM online stores dedicated to the Polish, Ukrainian and Romanian markets, as well as the prm.com/eu website where you can place orders with shipping throughout the European Union.
- Answear.com's experience from the 11 markets where we are present should make the internationalization of the PRM brand much easier and faster. By the end of the year we plan to launch sales in the remaining foreign markets and fashion marketplaces, adds Jacek Dziaduś, Vice President of Finance at Answear.com.