Made.com has reported a widening of its full-year losses to £5.3m despite a 63.4% surge in sales as it bolsters its international presence.
- Made.com losses widen to £5.3m in year to December
- Sales soar 63.4% to £42.8m following overseas expansion
- Boss Ning Li says etailer approaching “tipping point in its evolution”
The online furniture retailer’s losses increased from £4.9m the previous year after investing in expansion into the Netherlands, Germany and Belgium during the past 18 months, which has driven full-year sales up to £42.8m.
Made.com is also opening a series of showrooms as it moves into bricks-and-mortar space, with a showroom in Liverpool earmarked following the opening of similar sites in London and Leeds.
The etailer’s founder and boss, Ning Li, said sales had risen 46% in the six months following the period covered by the full-year results, driven by its launch into Germany, which is Europe’s largest furniture market.
Made.com raised $60m (£38m) in new growth capital from Partech Ventures and Fidelity Growth Partners back in July to accelerate its expansion.
Former Supergroup chief operating officer Susanne Given has also been appointed to the board as an independent director as the etailer sets itself up for further growth.
Li said Made.com is now approaching critical mass as sales continue to soar.
He said: “Made is fast approaching a tipping point in its evolution with continued rapid sales growth and improving financial metrics.
“Overseas sales now contribute about 30% of total sales, demonstrating that the brand and the product have international appeal.”