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Rebelle (publ) publishes Interim report, January–March 2022

First quarter, January–March 2022

  • Revenue amounted to MEUR 1.72 (2.24)
  • The operating result for the period amounted to MEUR -5.30 (6.00)
  • The adjusted operating result for the period amounted to MEUR 1.53 (-0.01)
  • Earnings per share amounted to EUR -0.24 (n.a.)
  • Cash and cash equivalents on March 31 amounted to MEUR 14,794 (2,226)

Significant events during the first quarter 2022

  • IPO at Nasdaq First North in Stockholm on 25 February 2022, raising SEK 200m via a capital increase from existing and new shareholders.
  • Management focus on expansion of technology team and ramp up marketing campaigns as well as evaluation of M&A opportunities.

Significant events after the event of the period

  • There have been no significant events to report up until the date of the publication of this report.

CEO´s comment

Q1 2022 was an important step in Rebelle’s continued internationalization and growth journey. The big highlight of the quarter was our IPO at Nasdaq First North Growth Market in Stockholm. We are grateful to all investors that decided to join our vision to bring the circular economy into the fashion industry. Being awarded the “Nasdaq Green Designation”, Rebelle became the first “Green IPO” in the global Nasdaq system. The IPO started a new chapter of Rebelle’s development as we have raised a significant amount of growth capital and created an acquisition currency for M&As.

However, this new chapter of Rebelle started in an environment which made it hard to celebrate as the war in Ukraine started only one day before we rang the Nasdaq bell on 25 February 2022. With inflation rising to new record levels and an unprecedented feeling of instability, consumer confidence in our core German market reached the lowest point since 2009 according to a survey by GfK institute.

Naturally, this creates a harsh environment for selling discretionary products such as second hand luxury fashion products. For Rebelle this development came at a time when we had just started to see a pickup in order activity in mid-February 2022 as Covid restrictions had started to ease considerably in our core domestic market Germany. Overall, this challenging environment led to a slow start of the year with flat net sales compared to Q4 2021 and a 14 per cent decline compared to Q1 2021. As of mid-May 2022, the market sentiment remains challenging.

However, on the inbound side we saw a strong development with a record number of new products coming onto our marketplace. As our business is strongly driven by the availability of products and the development of our inventory, this represents a key prerequisite for Rebelle’s future growth.

We are currently working on a number of measures to boost the performance of our business and accelerate growth. This includes a systematic optimisation of our marketing channels, which will become important for our plan to ramp-up and internationalise our marketing campaigns. Furthermore, we are working on a number of measures to drive the conversion of our website, most notably the integration of additional payment methods into the checkout of our online shop.

The current headwind from the market does not affect our conviction that luxury second hand fashion is offering big opportunities for growth. Consumers are becoming increasingly aware of the environmental impact of the fashion industry and this will lead to a change in their consumption patterns. Based on our unique inventory of products from leading luxury labels, a strong brand and a superior service proposition enabled by unique operational capabilities, Rebelle is ideally positioned to capture this opportunity on a European scale.

The IPO is providing us with new opportunities to invest into our business. In Q1 2022 we have started to expand our technology team and ramp up marketing campaigns. Whilst in the short term these initiatives will increase our cost base, we are convinced that in the longer term they will increase the appeal of our offer to consumers and thus accelerate growth.

Our strategy for the future also includes inorganic growth via mergers & acquisitions in order to expand our footprint and business model. Q1 has provided us with first opportunities to connect with suitable companies. As for the future, we intent to increase the engagement with investors and look forward to be able to present the development of Rebelle, new initiatives, and – hopefully as deals are concluded – about any future acquisitions.

Audiocast, May 19, at 15:00 CEST
In conjunction with the publication of the interim report for the first quarter of 2022, Rebelle invites investors, analysts, and media to an audiocast on May 19, 2022 at 15:00 CEST. The presentation will be held by Rebelle´s founder and CCO, Cécile Wickmann, and CFO Alexander Eulenburg, who will present and comment the report, followed by a Q&A-session. The presentation will be held in English.

Date and time
May 19, 2022, at 15:00 CEST

Webcast link

Phone number
To participate via telephone, please dial one of the numbers below.
SE: +46850558355
UK: +443333009035
US: +16467224957

For further information, please contact:
Jonas Rodny, Paues Åberg Communications
Cécile Wickmann, Founder and CCO Rebelle

Telephone: +46 76 190 90 51

About Rebelle
Rebelle operates the European online marketplace 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 or +46 8 580 065 99. For more information, please visit: