Cettire's China launch and FY24 update

Cettire Limited (ASX: $CTT) has officially launched its direct platform in mainland China through www.cettire.cn, marking a strategic move to tap into the world's largest luxury market. The company anticipates substantial growth in active customers, sales revenue, Adjusted EBITDA, and cash for FY24, despite the challenging operating environment in the global online luxury sector during the Spring Summer 24 promotion period.

Executive commentary on China launch and FY24 update

As the world's largest luxury market, China represents a significant strategic opportunity for Cettire. The launch of our direct platform in China is the result of extensive preparation and development from our dedicated team and partners. We are focused on measured expansion in the market, aiming to build a strong presence over time. Despite the recent challenging market conditions, we are expecting considerable growth in revenue and Adjusted EBITDA for FY24, reflecting the strong traction of our platform and our efficient cost structure. Our updated checkout and stable conversion rates in the US, along with the increase in high-value item sales, demonstrate the resonance of Cettire's proposition with customers. Although we have observed more challenging market conditions recently, we believe the overall opportunity in online luxury remains compelling, and we are well positioned to capitalize on it given the resilience and flexibility of our business.

Summary of Cettire's China launch and FY24 update

Cettire Limited (ASX: $CTT) has successfully launched its direct platform in mainland China, aiming to tap into the lucrative luxury market. Despite the challenging operating environment in the global online luxury sector during the Spring Summer 24 promotion period, the company anticipates significant growth in active customers, sales revenue, Adjusted EBITDA, and cash for FY24. Cettire remains focused on maximizing profitable revenue growth, expanding market share, and self-funding, leveraging its large and diverse supply chain, geographic diversity, and capital-light model. The company will release detailed financials with its full year FY24 results in the second half of August 2024, providing further insights into its performance and outlook.