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Strong growth for the About You fashion platform


Photo by Mikhail Nilov on Pexels

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Despite inflation and the war in Ukraine, About You finds that Europeans are updating their wardrobe. However, growth continues to take precedence over profit for the German fashion platform, according to RetailDetail.eu.

In the first quarter of its financial year, About You recorded an increase in turnover of 19.4%, to 504.1 million euros. This is a strong result in a difficult economic context. After a sharp drop in demand shortly after Russia’s invasion of Ukraine, About You saw an increase in consumption again in Europe, including Central and Eastern Europe, during the quarter.

The operating loss was 28.8 million euros, the result of large investments in marketing and enlargement, as well as the unique effects of the war in Ukraine. The investments paid off, says About You: the number of active customers increased from 9.2 million to 11.8 million. Average acquisition costs decreased slightly, but the frequency of acquisitions increased. There has been “solid growth” in Belgium and the Netherlands.

The group confirms its prospects for the entire financial year: a 25 to 35% increase in sales and a loss of between 50 and 70 million euros. The group does not foresee any profit until the financial year 2023-2024.