Successful MySale prepares for Australian listing with new CEO
MySale has a new chief executive who’s stepping up at a time when the online international fashion and lifestyle retailer’s targeting an Australian listing and is “positioned for strong growth in FY22 and beyond”.
Kalman Polak becomes CEO of the firm that’s currently listed on the London Stock Exchange, alongside further board changes, to prepare the group’s “potential listing on the Australian Securities Exchange”, the company announced Tuesday, alongside its trading figures for the year to 30 June.
So first those trading figures. Although there was a return to underlying profitability, revenue for the year slipped to A$117 million (£62.5m/€97.6m) from A$131 million in fiscal 2020 and gross merchandise value (GMV) also fell to A$125.4 million from A$131 million. However, the gross margin rose to 39.4% from 33.5%.
A “strong operational performance” saw gross profit rise to A$46.4 million from A$43.9 million, while underlying EBITDA lifted to A$4.2 million from a loss of A$2.7 million last time. But its reported pre-tax loss grew to A$5.4 million from a loss of A$3.4 million a year ago.
Positive trading momentum also continued into its new Q1 FY22, with GMV over 50% ahead of a year ago. The group's gross profit also around 15% ahead in Q1.
Current CEO Carl Jackson said: “It has been a year of significant strategic and operational progress, with a return to underlying profitability, leaving us well positioned for strong growth in FY22 and beyond.
“[Our] successful capital raise, backed by experienced industry figures, has allowed us to accelerate the transformation of the business, which is now focused on scaling our unique, off-price marketplace platform by being the partner of choice to more brands who want access to over three million buyers. For our international partners, the platform also provides a counter seasonal solution for their excess fashion inventory.”
He added: ”There are a number of opportunities ahead, both in our core apparel category, but also across beauty and homewares” with brand partners increasing by over 30% to over 300 in the period."
The new CEO appointment sees Kalman Polak moving up from his post of chief commercial officer, a post he’s held on a consultancy basis since December 2020. He has “extensive experience in online retail”, having spent over a decade at Catch Group, one of the largest digital marketplaces in Australia, which was acquired by Wesfarmers in June 2019.
His elevated appointment means Jackson moves to executive chairman after 12 years as CEO. Charles Butler, currently non-executive chairman, will remain on the board as senior independent director.
Polak added: “There is a very clear opportunity to deliver rapid growth and to become the pre-eminent off-price marketplace platform in ANZ”.
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