Answear.com, a leading e-commerce platform offering fashion, home & lifestyle, and outdoor products in the CEE region, has announced its sales results for Q4 2023. The company’s online sales for the entire year of 2023 amounted to PLN 1.3 billion, representing an increase of more than 29% YoY. Meanwhile, in Q4 2023, online sales increased by over 18% YoY, reaching PLN 442.3 million. Despite challenging market conditions, the company continues to grow at a double-digit pace and remains one of the fastest-growing fashion e-commerce platforms in Europe.
“We are closing a difficult year 2023 with solid online sales growth of over 29% YoY. Despite the difficult macroeconomic and geopolitical situation in recent months, we continue to grow at a double-digit pace and remain one of the fastest-growing fashion e-commerce platforms in Europe. Additionally, we expect that the new year should bring an improvement in economic sentiment, which should have a positive impact on our business,” said Krzysztof Bajołek, President of the Management Board of Answear.com.
In Q4 2023 alone, Answear.com faced declining consumer demand and low retail sales indicators, as well as a blockade of carriers at the Polish-Ukrainian border, which resulted in delivery delays and caused a decrease in demand in the previously well-performing Ukrainian market. Nevertheless, the company recorded its highest-ever quarterly sales revenues, demonstrating its resilience in changing market conditions.
“In the last quarter of 2023, we faced a series of negative events that had a direct impact on our business. In addition to weak consumer demand, low retail sales, and the blockade at the Polish-Ukrainian border, we must add the appreciation of the Polish złoty against the euro and other CEE region currencies. This is significant because we make about 80% of our sales outside Poland and thus generate revenue in a different currency,” added Jacek Dziaduś, Vice President of the Management Board for Finance at Answear.com.
In the past period, Answear.com launched the PRM brand in new markets, which contributed to sales growth in the luxury-streetwear segment. The new PRM brand contributed to the increase in sales revenue in Q4 2023, improving its dynamics by 6.4 pp. Online sales of the PRM brand increased by 84.7% QoQ in comparison to Q3 2023, despite the ongoing work to improve its offer, the results of which should be visible by 2024.
