×
2 441
Fashion Jobs
JOHN LEWIS
Loss Prevention Partner
Permanent · LEICESTER
HEAD OFFICE
Team Manager/Chef Victoria Head Office
Permanent · LONDON
VF INTERNATIONAL
Account Coordinator - Italian Speaking - Vans
Permanent · NOTTINGHAM
VF INTERNATIONAL
dc Training Specialist
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
DR. MARTENS
Finance Analyst
Permanent · LONDON
MULBERRY
Lifetime Service Centre, Raw Materials Stock Coordinator
Permanent · CHILCOMPTON
AUTUMNPAPER LIMITED
Alexander Mcqueen Vip Officer
Permanent · LONDON
AUTUMNPAPER LIMITED
Alexander Mcqueen Decision Intelligence Manager
Permanent · LONDON
ON RUNNING
Technical Representative
Permanent · LONDON
DEBENHAMS
Business Development Manager
Permanent · LONDON
REISS
Digital Content Editor
Permanent · LONDON
HEAD OFFICE
Buyer l7 – Vegetarian & Vegan
Permanent · BRACKNELL
HEAD OFFICE
Programme Manager Customer & Marketing
Permanent · LONDON
HEAD OFFICE
Process Manager – Treasury Operations
Permanent · BRACKNELL
MULBERRY
Commercial Finance Analyst
Permanent · LONDON
MULBERRY
Email & CRM Marketing Executive
Permanent · LONDON
MULBERRY
Warehouse Operative
Permanent · SHEPTON MALLET
BOOHOO GROUP
Commercial Finance Analyst
Permanent · MANCHESTER
ESTEE LAUDER
The Estée Lauder Companies - HR Partner, Retail - Maternity Cover
Permanent · London
HEAD OFFICE
Various CRM Roles Within John Lewis Financial Services
Permanent · LONDON
AUTUMNPAPER LIMITED
Alexander Mcqueen CRM Campaign Manager
Permanent · LONDON
Ads
Published
Dec 5, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

MySale swings to loss as restructuring takes its toll

Published
Dec 5, 2019

Online retailer MySale has plunged to a A$58.2 million annual pre-tax loss after pivoting to an Asia-Pacific-focused model.


The group's flash sales brands include OZSale, NZSale, BuyInvite and SingSale - OZSale


During the year, the company embarked on a significant transformation under its 'ANZ First' strategy, which saw it leave the UK market and close its US warehouse and office.

Group revenue before exceptional items fell from A$292.2 million in the previous year to A$209 million, while a pre-tax profit before exceptional items of A$2.9 million became a pre-tax loss before exceptional items of A$26.3 million.

On a reported basis, revenues plummeted 28% to A$208.6 million and the pre-tax loss widened to A$58.2 million.

“It has been a difficult year for MySale during which we faced a series of significant challenges which resulted in a disappointing financial performance for the group. We have now implemented the necessary changes to rebuild from a strengthened platform,” said CEO Carl Jackson.

Indeed, MySale is going in an entirely new direction. In addition to shifting the focus from being a global retailer to an Australia and New Zealand-first one, the business is being reinvented with a marketplace model. This will mean holding less inventory, a move that will help it achieve a more stable balance with improved capital efficiency and minimised logistical involvement. 

To this end, the company has launched a marketplace platform, designed to be counter-seasonal to the Northern hemisphere. The platform “provides a compelling sales channel for our domestic and international brand partners”, particularly through its ANZ-first structure and clearance solutions, the company said.

New features to accelerate supplier on-boarding have been recently introduced, as well as a renewed effort to capture more consumer behaviour data and insights.

And the company, which is based in Sydney, is now operating on a debt-free basis, after raising A$23.3 million through a placing of shares. 

But while CEO Jackson is confident that “the group is now primed to deliver value moving forwards”, it remains unclear whether its heavy reliance on the Australian and New Zealand markets is the right way forward.

Earlier this year, the group warned of “challenging trading conditions” in Australia, its largest market, due to new regulations, as well as cost base and product mix.

Moving away from an inventory-based model will certainly help, and the recent appointment of two new non-executive directors, Dow Famulak and Wally Muhieddine, is expected to bring valuable benefits, as they are experts in developing marketing strategies and distribution networks. Additionally, non-executive chairman Charles Butler will take the role permanently.

Copyright © 2022 FashionNetwork.com All rights reserved.