Fashion platform About You continues to grow

Online fashion platform About You continues to grow, according to its first quarterly report since the company went public last month. Turnover went up by two thirds, as its customer base expanded.

Exclusive collections

In the first quarter of its broken financial year, until 31 May, turnover grew by 65.5 % to 422.1 million euros. About You attributes this growth mainly to its European expansion and the easing of measures to combat Covid.

The fashion platform launched exclusive collections and personal brands with influencers, including German singer Lena Meyer-Landrut (pictured), and welcomed new brands such as Weekday, Allsaints and Pinko. As a result, the number of active customers rose to 9.2 million, compared to 6.5 million a year ago. The average order value grew in the same period from 55.8 euros to 58.1 euros.

Currently, About You is active in 26 countries. In the past quarter, it started operations in Greece, Norway and Portugal.

Services

The company’s B2B segment (TME) recorded the steepest growth: About You is not just a fashion webshop, but also provides various cloud services within the field of technology, media, technical infrastructure and distribution centres to other retailers. Turnover from these activities increased by no less than 135.8 % to 34.5 million euros on an annual basis. The increasing revenues can be attributed to existing and new customers, including Marc O’Polo. For the time being, TME is the only profitable division of the group.

About You expects revenues to increase by 40 to 50 % in the full financial year to between 1.63 and 1.75 billion euros. Given the strong start in the second quarter, revenue is likely to be in the upper half of that range.