Miinto in growth sells goods for nearly 700 million DKK
The Danish platform continues to attract more customers to their unique concept – and this has led sales to increase by 40 percent.
Miinto has proven over the past few years that there is a good business in connecting local, physical fashion stores to digital customers. This has led to several major efforts to boost growth even more, including an expansion to several new countries, most recently Poland, and an expansion of the leadership team with former Fashion Week Director, Camilla Frank. On top of that, quite recently, the news came that Miinto had chosen to open a new vintage shop as a rewarding and strategic addition to its core business.
And all that is showing in the results. In January, they presented accounts for the period from August 1, 2017, to July 31, 2018, which showed that both their revenue and trading volume – how many products sold on the platform – had increased. The latter by 30 percent and amounted to 500 million DKK. However, the investments also had an impact on the bottom line, where a deficit of 47.3 million DKK was reported. This result is hardly surprising given the long-term growth strategy of the group.
It turns out that Miinto still manages to attract more and more consumers into their platform.
It shows in the revenue and growth figures that the company has just revealed for the last fiscal year, which runs until the end of July.
In total, Miinto sold products for almost 700 million DKK. This is an increase of more than 40% compared to the previous year.
“Again, this year we have succeeded with an ambitious growth strategy, which is the result of a strong focus on trading volume and personal customer experience. Rather than just having the goods delivered from a warehouse, customers value a personal touch from the store that packed the item. At the same time, we have managed to get the products that people demand online. And despite the fact that we are soon reaching 2,000 partner stores, the lack of more products and partners remains our biggest constraint for further growth,” told Head of Fashion, Camilla Frank, to Fashion Forum.
In this regard, Miinto has also chosen to invest in several new initiatives. This time in the development of individual procurement recommendations for their partners, as well as a number of sustainable initiatives that they will put energy into.