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clock Created with Sketch. 13/06/25
14:12
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Originally posted by mondyinvest:
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I'm not sure you understand the company? They don't really represent a way of 'entering' the luxury market. At a simple level, all they own is a platform/website and the associated contracts, which means that when Jane wants to buy a luxury handbag, she can get it cheaper through the Cettire website because Cettire source it direct and ship it straight to Jane without having to touch the product. Side note: worth remembering there have been various complaints/allegations about Cettire sending customers non-genuine products - detailed in the Australian . There's no bricks and mortar and no inventory. Aside from the website/tech stack, there's not much to the company. Look at the assets on the 1H/25 balance sheet, it's weak. There was $101M cash (this is now down to $45M). There was $31.2M of receivables owed to them, but they in turn had trade payables of -$115.7M. There was $6.3M in inventories (this is just stock in transit) and $1.0M in 'other assets'. In other words, they have negligible 'current assets'. The non-current assets are basically all the capitalized costs spent developing the website, less accumulated amortization, which comes to $28.3M.
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you buying a database of almost 700,000 customers and mirrored operations in 54 countries.
Last edited by
ZSE :
13/06/25
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