Cettire confirmed it has launched in China and expects higher sales revenue for the fiscal year.
The company said it already started processing orders in China.
“As the world’s largest luxury market, China is an important strategic opportunity for Cettire,” said Dean Mintz, founder and CEO of Cettire.
“The launch of our direct platform represents the culmination of considerable preparation and development from our dedicated team and our partners. We intend to be measured in our approach to the market, with a broadening of our channel proposition over time as we seek to build a presence.”
For the full fiscal year, the company forecasts sales revenue to grow 77 per cent to 79 per cent to $735 million to $745 million.
Adjusted EBITDA is estimated to increase between 24 per cent and 36 per cent to $32 million to $35 million.
“Not only does this highlight the strong traction that our platform is gaining both on the supply and demand side, but it also illustrates our efficient cost structure,” said Mintz.
“Cettire is well positioned to capitalise on the opportunity in online luxury given the resilience and flexibility of its business, which is underpinned by a large and diverse supply chain, geographic diversity and a capital-light model with minimal inventory risk.”
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