Cettire Posts $742M Sales, Breakeven EBITDA Amid Luxury Sector Softness

FY25 Financial Performance Amid Market Challenges

Cettire Limited has delivered a resilient FY25 performance, maintaining stable sales revenue of $742.1 million and gross revenue of $975.3 million despite a global luxury goods market contraction. The company reported an adjusted EBITDA of $0.3 million, effectively breakeven, reflecting a deliberate pivot towards profitability in a softer demand environment. This outcome is notable given the broader luxury sector’s first contraction in 15 years, driven by macroeconomic headwinds and shifting consumer preferences.

Strategic Focus on Profitability and Customer Loyalty

In response to market softness, Cettire reduced total marketing investment by 22% year-on-year, prioritising quality over volume in customer acquisition. This disciplined approach resulted in a slight decline in active customers to 657,000, down from 692,000 the previous year. However, the company successfully increased gross revenue from repeat customers by 10%, supported by targeted promotional activities that boosted average order values and customer loyalty. The delivered margin stood at 16.1%, tempered by heightened promotional activity and increased fulfilment costs due to currency fluctuations.

Emerging Markets and Supply Chain Expansion Drive Growth

Geographic diversification remains a key growth pillar, with emerging markets now contributing 37% of gross revenue, up from 31% in FY24. Regions such as Asia and the Middle East have delivered outsized growth, helping offset softness in established markets like the U.S. The supply chain also expanded robustly, with record inventory levels and a 35% year-on-year increase in published products. Cettire’s platform continues to engage hundreds of luxury brands and inventory holders, positioning it as a critical conduit in the luxury goods ecosystem.

Balance Sheet Strength and Outlook

The company closed FY25 with a strong balance sheet, holding $37 million in cash and zero financial debt, underpinning its capital-light, flexible business model. Early FY26 trading shows low single-digit gross revenue growth year-to-date, with emerging markets growing in double digits. July’s positive adjusted EBITDA signals potential momentum, though regulatory changes in the U.S., notably the new de minimis rules effective late August, introduce uncertainty. Cettire’s management emphasises agility and self-funding to navigate these challenges while targeting profitable revenue growth.

Governance and Organisational Developments

FY25 also saw continued board renewal and leadership succession, reflecting a maturing organisation focused on strengthening engineering, commercial, and marketing capabilities. Investment in proprietary technology remains a priority, enhancing automation and scalability of the customer journey to sustain competitive advantage.