We spent $1300 shopping at Cettire. Here’s what happened
It’s the buzziest stock on the ASX, thanks to “eye watering” sales and wide margins, however, customer reviews aren’t so glowing. What’s behind Cettire’s success?
Arguably the hottest stock on the ASX, online luxury retailer Cettire is now worth almost $2 billion – after a 60 per cent jump in two months alone. Sales are up 90 per cent in six months, a result that has been described by brokers variously as “eye watering” and “another cracker”.
The company was founded by reclusive businessman Dean Mintz, who has a fortune of $737 million, according to the Financial Review Young Rich List. And it appears to have cracked a code that few other global retailers have – selling premium, luxury-branded clothes at steep discounts and at profitable margins.
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
