Like Farfetch, Cettire operates a marketplace for over 1700 luxury fashion brands, including Gucci, Fendi, Burberry and Zimmermann. Founded in 2017 by entrepreneur Dean Mintz, sales increased from $545,000 in 2018 to $22.8 million in 2020.
The vast bulk of the platform’s revenues come from overseas, notably the US.
Cettire launched an IPO (initial public offering) on the Australian Stock Exchange in December 2020, raising $65 million. In its first year as a public company, sales quadrupled. For the six months ended December 31st, Cettire’s gross revenues reached $154 million and its active customer base soared to 209,000.
High profile investors have been interested in the luxury online retailer from the get-go and Cettire has major plans for the future in its core markets of the US, the UK and Australia.
Last week, Retail Beauty reported that Farfetch had acquired Violet Grey, the US beauty website, in advance of its entry into the global luxury beauty market. Cettire is also gunning for a slice of the multi-billion sector and will launch a new website vertical by the end of March.
Cettire reveals that it has access to more than 25,000 beauty products from 600 brands, offering skincare, cosmetics, haircare, fragrances and men’s grooming.
Our entry into the beauty category represents an opportunity to further establish Cettire as a leading global online luxury destination, says Dean Mintz, Founder and CEO.
“Beauty represents a large and growing adjacency within the global personal luxury goods market. It is a natural extension of our range, particularly as we continue to rapidly scale site traffic and active customers while growing brand awareness globally. The scope to integrate fashion and beauty provides excellent potential for cross-promotion and provides a further point of differentiation for Cettire.”