As expected, the Düsseldorf online retailer Fashionette AG closed the 2021 financial year with a high increase in sales and forecasts further growth. Now the e-commerce specialist has to find a new boss: CEO Daniel Raab informed the supervisory board that he would resign at the end of September “for personal reasons”, the company said on Thursday.
In the past year, sales increased by 41.2 percent to 133.8 million euros, Fashionette said, citing preliminary, unaudited figures. The takeover of the Dutch online retailer Brandfield, whose proceeds have been included in the balance sheet since July, contributed to the strong growth. In the fourth quarter, Fashionette also expanded its range to include the beauty category.
According to the company, earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects amounted to EUR 4.4 million. Fashionette has thus “achieved all the goals set”, explained the online retailer. He wants to present his full annual report for 2021 on April 28th.
In the current year, sales are again expected to grow in double digits
“2021 was one of the most eventful and extraordinary years for Fashionette,” said outgoing CEO Raab in a statement. “For us, 2021 was the first full year as a listed company and was marked by many important strategic decisions. For example, the successful acquisition of Brandfield and the launch of our new beauty product category – just to name a few.”
In view of the latest measures, Raab sees the company on course: “In 2021 we have successfully expanded all strategic growth pillars with a view to our vision of becoming Europe’s leading data-driven e-commerce group for premium and luxury fashion accessories,” he explained. “We also look to 2022 with great confidence and are convinced that with increased online penetration and additional synergies we will continue to grow faster than the market while remaining profitable.”
Specifically, the company expects sales growth of 16 to 21 percent on a pro forma basis for the current year. This takes into account Brandfield’s entire annual turnover in the past year and not just the contribution to turnover since the takeover. The adjusted EBITDA should reach a level of 5 to 7.5 million euros.
The board of directors is already looking for a new CEO
Raab himself will only be involved in achieving these goals for a few more months. He explained his decision to leave Fashionette in the fall in a statement: “The decision was not easy for me, since I am not only personally involved, but also as an investor and have built a young and committed team around me,” he explained . “I appreciate the relationships we’ve built with our suppliers, customers and business partners over the years, but I think that as the company enters this new phase, it’s a good time for me to step down.”
According to the company, Raab will now “actively support the search and transition to his successor through the end of September 2022.” The supervisory board is already in the process of finding a new CEO.