Second quarter, April – June 2022
- Revenue amounted to MEUR 1.38 (1.83)
- The operating result for the period amounted to MEUR -1.92 (-0.45)
- The adjusted operating result for the period amounted to MEUR -1.51 (-0.38)
- Earnings per share amounted to EUR -0.09 (-0.03)
The period, January 1, 2022 – June 30, 2022
- Revenue amounted to MEUR 3.10 (4.07)
- The operating result for the period amounted to MEUR -7.22 (-0.45)
- The adjusted operating result for the period amounted to MEUR -3.04 (-0.39)
- Earnings per share amounted to EUR -0.38 (-0.03)
- Cash and cash equivalents on June 30 amounted to MEUR 12.6 (2.1)
Significant events during the second quarter 2022
- Challenging market sentiment in core German market characterised by low consumer confidence due to high inflation and an uncertain economic outlook.
- 108 thousand new products uploaded onto the site in Q2 2022 (-8% vs. Q2 2021).
Significant events after the end of the quarter
- Vinted UAB published a public offer for 100% of shares of Rebelle AB on 25 July 2022, conditional upon at least 90% of shares being tendered. As of 19 August 2022, 96.7% of shareholders followed the recommendation of the independent committee of the Board of Directors to accept the offer.
CEO´s comment
In the second quarter of 2022 we continued to face a very challenging market environment. Unprecedented inflation levels and an uncertain economic outlook gave rise to low order volumes on our platform. Whilst we tried our best to counter this trend with innovative marketing and discounting campaigns, we nevertheless experienced a significant slowdown in the activity level of our customer base. At the same time, we continued to face increased competition from strong international platform players that are pushing into our market with high marketing spendings.
A key strategic measure for strengthening Rebelle’s competitive position in this market environment was M&A. With the support from our board we invested considerable resources throughout the quarter into the sourcing, assessment and execution of potential acquisitions. The key rationale behind these initiatives was to accelerate the path to critical mass, generate economies of scale and to diversify the geographical profile of our customer base.
As we had begun to approach the finishing line on a major acquisition opportunity, we became an M&A target ourselves. On 25 July 2022 the leading marketplace for secondhand fashion Vinted published an offer for all shares of Rebelle AB. Whilst it is certainly unusual to be taken over so shortly after an initial public offering (IPO), we are convinced that it is the right move for our company and our shareholders to support this offer: In parallel to the severe recent downturn in consumer sentiment we have experienced a harsh correction of the stock markets with small- and midcap ecommerce companies loosing up to 90% in share value in comparison to their peak valuations in 2021 thus creating a very different environment for our company. With this background we are glad that an overwhelming majority of our investors decided to support the public offer from Vinted as we feel that joining forces with a large and well-funded international player provides a safe harbour in uncertain times.
Max Schönemann
CEO Rebelle AB
The report in its entirety is available as an attachment to this press release and on Rebelle's IR website, https://ir.rebelle.com/investors/financial-reports/
For further information, please contact:
Jonas Rodny, Paues Åberg Communications
Cécile Wickmann, Founder and CCO Rebelle
Telephone: +46 76 190 90 51
jonas.rodny@pauesaberg.se
About Rebelle
Rebelle operates the European online marketplace Rebelle.com for selling and buying luxury second hand fashion items and accessories. Rebelle takes control of the entire sales process, thereby physically verifying the authenticity and quality of products sold to consumers and assuming all payment processes and the shipments to buyers. Based on this capital-light “managed marketplace” model, Rebelle aims to deliver a superior selling and buying experience to its customers. Rebelle is offering products from the world’s most sought after fashion brands, such as Louis Vuitton, Chanel, Gucci, Hermès and Prada while increasing customers awareness of sustainability and circularity within the fashion industry. Rebelle offers more than 200,000 products to, and listed by, customers throughout Europe with focus on the EU.
The company’s shares (ticker BELLE) are traded on Nasdaq First North Growth Market Stockholm. Vator Securities is the Company’s certified adviser and can be contacted at ca@vatorsec.se or +46 8 580 065 99. For more information, please visit: ir.rebelle.com