The Düsseldorf online retailer Fashionette AG will further reduce its range. After the company recently announced the discontinuation of the cosmetics division as part of the ongoing savings program, smartwatches are now also being removed from the range. The area will be closed “at the end of May”, Fashionette said in a statement published on Wednesday.
Fashionette and the Brandfield Group, which belongs to the group, have achieved “sales in the single-digit million euro range and a negative contribution to earnings to this day” with smartwatches, the company explained. Due to the decision that has now been made, the division will be “listed in the 2023 financial year until it is finally discontinued in the reporting under the position of the discontinued areas,” said the e-commerce specialist. This reclassification will be “taken into account in the forthcoming forecast for the 2023 financial year”.
After recent disappointing results, the online retailer, under the leadership of the new CEO Dominik Benner, has initiated a comprehensive “efficiency and cost reduction program” as part of a strategic realignment.