Bonprix Handelsgesellschaft mbH was able to close the 2021/22 financial year with sales growth. “The 2021/22 financial year was one of the strongest in the history of Bonprix and we are very satisfied with the successful conclusion,” said Richard Gottwald, CEO at Bonprix. In addition to the positive result, the clothing retailer also announced the end of its e-commerce business in Russia on Tuesday.
In the financial year that ended at the end of February, the subsidiary of the Otto Group, a Hamburg-based retail and services company, increased its sales by ten percent year-on-year from EUR 1.76 billion to EUR 1.94 billion. In Germany, Bonprix also achieved a sales increase of ten percent compared to the previous year. As a result, the fashion retailer achieved sales of 750 million euros in its home market.
“The business development and the double-digit increase in sales of around ten percent compared to the previous year are a great success for us,” said Bonprix CFO Kai Heck. “We have been very successful in using new market opportunities in the countries due to accelerated digitization, winning new customers in many markets and thus further developing ourselves as an international digital fashion brand.”
End for online trading in Russia
In contrast to most markets, Bonprix suffered a sales loss of more than 30 percent in the Russian market compared to the previous year. Bonprix currently sees no future viability in the market and has therefore decided to withdraw from Russia.
The political and economic conditions would deprive the company of the basis for an economic business model in Russia, according to Hamburg. The decision to end Russian online trading was made at the beginning of March.
“The decision to end our long-standing e-commerce business in Russia was not easy for us, but we no longer see any prospects for our company in the country,” says Gottwald.