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Highlights

  • Cettire's sales revenue surged 78% YoY to AUD 742.25 million in FY24, driven by a 64% rise in active customers.
  • In FY24, CTT’s adjusted EBITDA increased to AUD 32.4 million, but adjusted net profit declined slightly to AUD 18.21 million from AUD 19.40 million in FY23.
  • The global luxury market is expected to increase to USD 600 billion by 2030, with online luxury sales projected to reach USD 200 billion.

Cettire Limited (ASX:CTT) is an ASX-listed global luxury online retailer which is focused on expanding its presence in the high-end fashion market. For the 12 months ended 30 June 2024 (FY24), Cettire reported a 78% YoY increase in sales revenue, reaching AUD 742.25 million. This surge was driven by a 64% YoY rise in active customers, which exceeded 692,000 during the year. The company’s adjusted EBITDA also showed improvement in FY24, climbing to AUD 32.4 million from AUD 29.3 million in FY23. However, adjusted net profit declined slightly to AUD 18.21 million in FY24, compared to AUD 19.40 million in the previous year.

In Q1FY25, sales revenue of CTT rose 22% YoY to AUD 155 million, while adjusted EBITDA increased to AUD 2 million, up from AUD 1.6 million in Q4FY24.

U.S. Tariff Developments and Strategic Response

On 3 February 2024, Cettire addressed concerns regarding U.S. tariff changes, confirming that it does not have supplier agreements in affected regions. However, 7.5% of its U.S. sales and 4% of total sales involved impacted goods. Throughout 2024, the company prepared mitigation strategies and continues to monitor the evolving situation to safeguard its supply chain.

Outlook

Cettire is expected to benefit from the luxury market’s expansion, which is projected to grow from USD 400 billion to USD 600 billion by 2030. The company aims to scale alongside this growth by capitalising on the rise of online luxury sales, expected to reach USD 200 billion by 2030.

Economic Indicators and Consumer Outlook

Recent data from the Australian Bureau of Statistics (ABS), published on 29 January 2025, indicates a 0.2% sequential increase in the Consumer Price Index (CPI) for the December quarter, marking the slowest rise since June 2020. Annual CPI rose by 2.4% in the December quarter, down from 2.8% in the September quarter.

Moreover, core inflation declined to 3.2% in the December quarter, marking the lowest level in three years. This has increased expectations of a potential interest rate cut by the Reserve Bank of Australia (RBA) in February, which is likely to boost  consumer discretionary spending.

Share performance of CTT

CTT shares closed 18.97% lower at AUD 1.17 per share on 3 February 2025. In one year, CTT’s share price has declined by nearly 63.84% and in the last three months, it has dropped by approximately 15.47%.

52-week high of CTT is AUD 4.90, recorded on 1 March 2024 and 52-week low is AUD 1.01, recorded on 26 June 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 03 February 2025. The reference data in this report has been partly sourced from EODHD/Others.