Ann: Cettire continues strong global growth trajectory, page-39

At the same time as revealing the new mobile app, he said the business grew strongly in the third quarter through increased site traffic, more active customers (those that have purchased in the past 12 months) and repeat purchasers.

Cettire posted a 163 per cent increase in revenue in the March quarter to $48.7 million. Unique website visits reached 13.3 million compared with just 3.6 million a year ago and the number of orders also increased.

But key metrics such as the conversion rate fell 26 per cent and the average order value fell to $682 from $695.

Despite the Young Rich Lister’s upbeat comments, Cettire shares fell 10.2 per cent to 66¢ just before the close of trading on Thursday. The stock peaked at $4.75 in mid-November 2021 and has since been under pressure.

Mr Mintz recently sold a stake in the company he founded, pocketing about $47 million. Since the sale was revealed on March 23, the shares have tanked, despite his continuing ownership of 56.72 per cent of the company and a promise not to sell any more shares until the release of the company’s full year 2021-22 results.

Cat Rock Capital Management LP is the second-biggest investor at 11.72 per cent.

Cettire recently entered the $100 billion global beauty market and still has not provided any updates about further direct brand partnerships. It has announced only one direct brand relationship – with Italy’s Staff International.

The founder of luxury retail sales platform Cettire says the launch of a new mobile app will increase its market penetration, improve customer experience and help keep shoppers on the site.

Dean Mintz said the launch of Cettire’s app for iOS and Android devices was a key milestone in the company’s growth strategy as about 80 per cent of its website traffic already comes through mobile devices, even without apps of its own in the market.

Cettire holds no inventory of its own. Products are ordered through its website and dispatched by third-party suppliers, and fulfilment is fully automated. It services 53 markets.

“(This) further extends our proprietary technology platform, whilst enhancing brand and customer experience,” Mr Mintz said in a statement.

“Mobile applications are a critical component of our growth strategy to acquire new customers, increase conversion rates and improve retention.

“While the majority of our traffic is already mobile and our website ismobile-optimised, our apps enable a more seamless engagement with customers and provide considerable scope for an even greater personalised experience.“

Mr Mintz said the app would drive customer and brand awareness globally and have features such as app-specific push notifications, seamless checkout management and “wish lists” where shoppers can save products they are viewing.