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.

About Answear.com:

Answear.com is the first Polish online multibrand store offering a wide selection of clothes, shoes and accessories from over 500 global brands. The offer includes selected collections of women's, men's and children's brands such as premium, sports or denim. Answear.com currently operates in 11 markets, with plans to launch in more. Since its inception in 2011, it has won more than 50 awards and accolades, and has gained the recognition of thousands of customers to whom it provides constant fashion inspiration, collaborating with trendsetters and fashion experts. The company relies on its own logistics center and in-house IT solutions to achieve high operational efficiency, minimize costs and maintain attractive pricing for customers. All products included in an order are shipped in one package - for the sake of the environment and for the convenience of customers. In its operations, Answear focuses on fast delivery (even the same day in selected Polish cities) and quality service. It dedicates to its regular customers Answear Club loyalty program, which allows shopping at even more attractive prices.