Online revenue growth of 43 percent in Q2 2023 for Answear.com
Answear.com, a leading fashion and home & lifestyle e-commerce provider in the CEE region, has reported another quarter of very strong sales results. The challenging market environment did not prevent the company from achieving a 43 percent year-on-year growth in online sales in the second quarter of this year, which amounted to PLN 284 million. The continued high growth rates make Answear.com one of the fastest growing fashion e-commerce platforms in Europe.
- Another quarter of very good results is behind us. Steady revenue growth with high dynamics is a sign that the chosen strategy of operating in 11 markets in the CEE region is working well. The achieved results are all the more satisfying as we are aware of the demanding and competitive environment in which we operate," comments Krzysztof Bajołek, CEO of Answear.com.
In the second quarter of this year, Answear.com continued to implement its marketing strategy aimed at building brand awareness in 11 CEE markets. The tools used included extensive TV and video online campaigns. A flexible and reactive approach to the management of marketing budgets makes it possible to intensify sales in markets with the highest effectiveness of the activities carried out, thus achieving a dynamic increase in the company's total sales.
- The goal of our activities in Central Europe is to build a leading position in the fashion e-commerce industry. Optimization of the product range and consistent building of Answear brand awareness through extensive marketing campaigns are activities that bring us closer to this goal. In addition, we are carrying out activities aimed at increasing operational and financial efficiency, which, combined with high sales dynamics, has a positive impact on our profitability," adds Jacek Dziaduś, Vice President of the Management Board for Finance at Answear.com.
The acquisition of PRM and Sneakerstudio, which was completed at the turn of the first and second quarters, will allow the Company to actively enter the luxury fashion market and reach the Z and Alpha generations. Although the impact of the ongoing integration is not yet reflected in the Company's second quarter financial results, the acquisition gives the Company the potential for even faster growth, reaching previously untapped target groups and entering new, more effective markets.