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Answear.com SAAnswear e-comm plans no expansion into new markets for now, wants to focus on viability
Listed e-commerce group Answear has no plans to expand into new markets for now, wants to return to higher profitability sooner, group representatives told a meeting with investors.
"We have basically all the important markets in our region at the moment, and for the moment we have no plans to open new markets until we have saturated the markets we are in more strongly. Everywhere else we still have quite a lot of potential for growth," CEO Krzysztof Bajolek said.
"When we get back to those highest levels of profitability, we will probably get down to some expansion again," he added.
Answear's CEO indicated that in the future, the company would still like to enter the Balkan markets, the Baltic countries, Germany and Austria.
"The results of the fourth quarter basically confirm that we are the fastest growing fashion e-commerce in this part of Europe," Bajolek stressed.
He continued that the goal for this year is to grow the group's revenue and profitability.
"We seem to be back on a strong growth trajectory. (...) We have completed a phase of intensive growth, offer development and marketing activities and will focus on increasing profitability," the CEO said.
"We assume an increase in revenue and profitability as a result of the implemented investments and ongoing optimisation activities that we will carry out," Bajolek added.
The CEO said the company was pleased with the development of the PRM brand.
"This brand has been weighing on our results a bit in the last two years. At the moment, it should stop weighing and slowly start contributing to profitability," Bajolek said.
According to Answear, the acquisition of PRM has made it possible to authenticate and strengthen the position of the entire group in the premium segment.
"We will consistently strive to premiumise our offer, to strengthen our position in this premium segment of the market, for the reason that we can record higher margins," the CEO said.
The group will increase the share of premium brands in total sales. There are plans to acquire more brands.
Answear.com is an online multibrand shop offering clothes, shoes and accessories. It currently operates in 12 markets.
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