Key Figures

L

amoda has become one of the leading and most recog-nized online retailers for fashion in the CIS. Launched in Russia in 2011, Lamoda expanded into Kazakhstan in 2012, where it soon became the market leader, as well as into Ukraine and Belarus in 2014. In financial year 2014, the company recorded net revenue of RUB 9,496.2 million, an increase of 84.4%. Lamoda had about 4,000 employees as of December 31, 2014. Lamoda offers a growing range of men’s, women’s and children’s clothing, shoes and accesso-ries, sourced from well-known designers as well as promising young brands and has also set-up its own complementary, fast growing private label. Through its website and its mobile ap-plications, customers can access more than 100,000 products from over 750 international brands. Since its launch, Lamoda has shown high customer growth as well as increasing repur-chase rates. Lamoda successfully overcame the logistics chal-lenges in Russia by establishing its own distribution and deliv-ery capabilities, which reach 40% of the Russian population, representing 70% of the purchasing power. As a result, Lam-oda stands out with its high quality of service, including free delivery or next day delivery options in more than 120 cities.

During 2014, Lamoda succeeded to maintain strong growth and improve margins despite the challenging macroeconomic development in Russia. It added numerous new brands such as Lacoste, Adidas and Dorothy Perkins to its portfolio and successfully started its first London-based private label brand called Lost Ink. Lamoda also launched a third-party eCom-merce service solution.

Sector Fashion

Last Financing Round ¹⁾ Jul 2014 Dec 2014, Company Valuation ¹⁾ EUR 720.0 million Dec 2014, Rocket Stake ¹⁾ 23.5%

Dec 2014, Rocket LPV ¹⁾ EUR 168.9 million

eCommerce

Business Model

2010

Founded

CIS

Regions

3,945

Dec 2014, Headcount

мода с доставкой

1) Figures shown represent the latest status pre creation of Global Fashion Group. Pro forma for the completion of all re-organization steps as well as the latest financing rounds on Global Fashion Group level, Rocket Internet’s ownership stands at 23.0%. Based on a Global Fashion Group post money valuation of EUR 2.8 bil-lion, this implies a Rocket LPV of EUR 0.6 billion.

The following table provides an overview of Lamoda’s consol-idated key financials, which have been derived from Lamoda’s accounting or controlling records and have been prepared on the basis of full IFRS and Lamoda’s key performance indica-tors, which are based on management reports.

Lamoda’s net revenue increased by 84.4%, from RUB 5,150.0 mil-lion in 2013 to RUB 9,496.2 milRUB 5,150.0 mil-lion in 2014, driven largely by an increase in active customers, order frequency and average basket size.

The gross profit margin improved changing by 1.2 percentage points, from 39.6% in 2013 to 40.8% in 2014.

The adjusted EBITDA margin improved by more than one third or 13.8 percentage points to −22.7% in 2014, due to the im-provement of operating efficiency across all cost lines.

Net working capital changed from RUB −343.7 million as of December 31, 2013 to RUB −483.9 million as of December 31, 2014.

In 2014, Lamoda continued to invest in its proprietary ware-house and delivery infrastructure including part automatization of the warehouse, which will result in higher throughput and efficiency of the warehouse operations and result in further scale benefits.

Lamoda’s cash and cash equivalents decreased from RUB 2,607.9 million as of December 31, 2013 to RUB 681.3 million as of December 31, 2014.

Lamoda of-fers a grow-ing range of

fashion in the CIS

in RUB million FY 2014 FY 2013

Key Financials

Net revenue 9,496.2 5,150.0

% growth 84.4%

Gross proﬁ t 3,879.1 2,038.2

% margin 40.8% 39.6%

EBITDA ¹⁾ (2,216.2) (1,920.9)

% margin (23.3%) (37.3%)

Adjusted EBITDA ²⁾ (2,158.1) (1,883.0)

% margin (22.7%) (36.6%)

Total orders ⁶⁾ 3,894 2,287

% growth 70.3%

Total customers ⁷⁾ 2,687 1,427

% growth 88.2%

Active customers (LTM) ⁸⁾ 1,654 1,088

% growth 52.1%

in RUB million Dec 31, 14 Dec 31, 13

Balance Sheet

Net working capital ⁴⁾ (483.9) (343.7)

Cash position 681.3 2,607.9

1) EBITDA is calculated as (i) operating profit or loss (2014: Loss of RUB 2,382.9 million; 2013: Loss of RUB 1,982.7 million) plus (ii) depreciation of property, plant and equipment (2014: RUB 134.8 million; 2013: RUB 47.0 mil-lion) plus (iii) amortization of intangible assets (2014: RUB 32.0 million; 2013:

RUB 14.7 million). EBITDA includes share-based payment expense that amounted to RUB 58.1 million in 2014 (RUB 37.9 million in 2013).

2) Adjusted EBITDA represents an EBITDA excluding expenses resulting from share based compensation.

3) Capital expenditure is calculated as (i) purchase of property, plant and equip-ment (2014: RUB 610.3 million; 2013: RUB 195.6 million) plus (ii) acquisition of intangible assets (2014: RUB 108.0 million; 2013: RUB 59.3 million).

4) Net working capital is calculated as (i) inventories (Dec 31, 2014:

RUB 1,841.5 million; Dec 31, 2013: RUB 1,084.3 million) plus (ii) trade and other receivables (Dec 31, 2014: RUB 111.8 million; Dec 31, 2013:

RUB 105.6 million) minus (iii) trade and other payables (Dec 31, 2014:

RUB 2,437.2 million; Dec 31, 2013: RUB 1,533.6 million).

5) The total value of “total orders” sold in period, excluding taxes and shipping costs (taxes and shipping costs excluded for comparison reasons between countries and companies).

6) Total number of valid (i.e. not failed or declined) orders starting the fulfillment process less cancelled orders (before rejected and returned orders), i.e. total number of orders shipped in the period.

7) Number of customers that have made at least one order as defined in “total orders” at any time before end of period.

8) Number of customers having made at least one order as defined in “total orders” within the last twelve months before end of period.

T

he ZALORA Group is the leading online fashion retail-er in the Asia-Pacific region, offretail-ering clothing, shoes, accessories and beauty products to eight countries in Southeast Asia (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Brunei and Hong Kong) under the ZALORA brand and to Australia and New Zealand under the brand The Iconic. Since its launch in March 2012, the com-pany has grown its business to net revenue of EUR 117.3 mil-lion in financial year 2014, employing 2,198 people at the end of 2014. By offering an attractive mix of compelling high-street brands and introducing its eponymous label, ZALORA has been able to build a loyal customer base, characterized by high repurchase rates. The Group’s mobile apps, introduced in 2014, have been downloaded over five million times and 38%

of the users access the company’s online stores through a mobile device. ZALORA successfully promotes general brand awareness and customer loyalty through its fashion blog and Facebook presence (with 5.8 million followers). The company has a unique value proposition among online fashion retailers as it offers more than 20,000 products from over 500 brands in each market. ZALORA is increasingly filling the gap of missing offline supply for affordable high street fashion, which exists in many Southeast Asian markets. By establishing a local distribu-tion network with its own last-mile delivery fleet, the company is able to offer cost-effective next-day deliveries in most cap-ital cities and an average delivery time in the very widespread territory of Southeast Asia of 2.4 days.

During 2014, ZALORA launched several collaborations with some of the best fashion brands globally, including, among others, Mango, New Look, Dorothy Perkins, Ray Ban, Oakley and the international beauty retailer Sephora. In August 2014, ZALORA launched the private label ZALORA, which is only available through its own online shops, and which quickly estab-lished itself as a best seller across the region. Throughout the

Sector Fashion

Last Financing Round ¹⁾ Aug 2014 Dec 2014, Company Valuation ¹⁾ EUR 559.6 million Dec 2014, Rocket Stake ¹⁾ 25.5%

Dec 2014, Rocket LPV ¹⁾ EUR 142.9 million

eCommerce

In document Rocket Internet LPV % (Page 55-58)