The online fashion retailer reported 187 million Australian dollars (US$123 million) in revenue during the six months that ended December 31, up 65 percent year on year.

At the Australian-listed company founded in 2017 by Dean Mintz as a grey market platform for luxury goods, adjusted EBITDA rose 8.9 percent to $16.7 million during the same period. A key factor in the company’s performance last year was a 101 percent boost in sales in emerging markets (those outside its core of Australia, the US and UK) as the company worked to localise its offering. That plan included opening a Chinese-language website and app and a distribution partnership with e-commerce marketplace JD.com.

Cettire said having $53.3 million cash on hand and zero debt allowed it to capitalise on “multiple attractive global growth opportunities”. During the period it secured a commercial agreement with Italian luxury brand Zegna which it said enables the direct integration of products into Cettire’s platform.

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The Rise and Stumble of a Grey Market Upstart

Cettire rode a pandemic luxury e-commerce boom to an IPO in December, but this week trading in its shares was halted after a precipitous fall.