fashionette

DB: FSNT

Market Cap€109m

Last Close €17.5

fashionette is an online platform for premium and luxury fashion accessories in Europe, with websites live in eight European countries. Geographically, the DACH region is its core, representing c 89% of revenue in FY19. It is seeking to diversify by geography and product offering.

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Investment summary

fashionette’s Q221 results demonstrated KPI trends that were consistent with previous quarters (growing customers and order numbers), but with lower average order values. Growth rates slowed versus Q121 owing to the tougher comparative due to the boost from COVID in Q220. Migration issues on the transition to a new logistics partner led to a recent downgrade in management guidance for FY21, but it is confident of a return to strong growth in Q4, the traditional peak selling period. The FY21 EV/EBITDA multiple of 30.5x is in line with online peer multiples.

Content on fashionette
Fashionette – Strong re-acceleration required in Q421
Consumer | Update | 13 September 2021
Fashionette – Growth accelerated through FY20
Consumer | Update | 11 May 2021
fashionette – Growth is in fashion
Consumer | Initiation | 29 October 2020
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Share price graph
Price performance
%
1m
3m
12m
Actual (11.8) (38.2) N/A
Relative* (14.1) (39.4) N/A
52-week high/low €39.5/€17.5
*% relative to local index
Key management
Daniel Raab CEO