Revenues at Italian online fashion retailer Giglio.com totalled € 22 million in the first half of 2022, up by 45 per cent from the same period in 2021.
In the second quarter, the company said in a statement, gross merchandise value grew by 47 per cent despite the strong macroeconomic instability caused by the Ukraine conflict.
“We are operating in a macroeconomic context that requires caution. Our forward-looking decisions have allowed us not only to consolidate last year’s strong sales growth but also to achieve important cost optimisation, a key factor for such a significant improvement in profitability. The opening of a new logistics centre in Vimodrone (Milan), which allows us to optimise logistics flows and increase our fulfilment capacity by aligning it with our growth objectives, has contributed significantly to this result,” said Giuseppe Giglio, President, and CEO of Giglio.com.
Due to the continued growth of the company’s marketing plans and the new Korean and Japanese versions of the e-commerce platform, the business expanded 50 per cent in APAC.
The company grew 132 per cent in South Korea and 118 per cent in Taiwan, followed by 89 per cent in China. The MENA region saw a 129 per cent increase, while North America grew 40 per cent. As a result, gross profit climbed 63 per cent and trading profit more than doubled to exceed € 1.9 million, compared to € 0.8 million in the first half of 2021, a 129 per cent increase.
EBITDA was negative € 1 million as of 30 June 2022, representing a negative return on sales of 4.8 per cent. This is a significant improvement compared to the first half of 2021 when the company recorded a negative 8.9 per cent.
EBIT was negative € 1.6 million, compared to a negative € 1.7 million on 30 June 2021. Net income was € 1.6 million, compared to € 1.8 million in the first half of 2021.
