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Australian fashion retailer City Chic ends FY21 with sales of A$258 mn

Sep '21
Pic: City Chic Collective
Pic: City Chic Collective
City Chic Collective, an Australian multi-channel retailer for plus-size women, has posted 32.9 per cent hike in its sales to A$258.5 million (Australian dollar) during full fiscal 2021 ended on June 27, 2021, compared to A$194.5 million in the previous fiscal. The strong performance in the year was driven by ANZ online and a strong recovery in the US websites during H2.
“Our strategic vision to lead a world of curves has taken a huge step in the last twelve months despite the impacts of the pandemic,” Phil Ryan, chief executive officer and managing director at City Chic, said in a press release. “Our razor-sharp focus on the three pillars of plus-size, digital and global customer acquisition have again delivered strong results.”
“We have continued to gain market share in ANZ with 27 per cent revenue growth, achieved through lifestyle and segment expansion of the City Chic product streams. In August we soft launched the conservative value product into the Australian market, which allows us to address the broader curvy community,” Ryan added.
Regionally, sales in ANZ improved 27.1 per cent to A$144.5 million, while Americas sales rose 26.8 per cent to A$99.6 million. Moreover, sales from EMEA region totalled to A$14.4 million.
“Our UK and European marketplace partner strategy has moved forward in the second half with our brands launching on Next.co.uk and Curvissa. We have also agreed to extend our wholesale partnership with the Alshaya Group into a franchise agreement in over 20 Debenhams stores across the Middle East and the associated websites,” Ryan further said.
Sales from online channel during the year surged 55.6 per cent to A$184.6 million, whereas stores sales increased 11.2 per cent to A$67.0 million.
The women’s fashion retailer reported its EBITDA for FY21 expanded to A$42.4 million against A$26.5 million in the last fiscal. EBIT grew to A$36.0 million, and net profit after tax escalated to A$24.9 million.
“Our diversified global footprint has minimised the impact of the current store closures in Australia due to the lockdown. The US continues to be very strong and the UK and Europe have bounced back in the last couple of months,” Ryan said. “With stronger banner brands in Australia, US, UK and now Europe, and strong global marketplace partners, we are positioned well to continue to grow our business and to lead a world of curves.”

Fibre2Fashion News Desk (JL)

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