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Kogan Powers Through Christmas, Delivers Strong Online Growth
Kogan is reporting strong growth following a ‘record-breaking’ December and Cyber Weekend.
Kogan experienced its first $30 million+ week, $40 million+ and $50 million+ week ‘all in the same week’. Furthermore, its Black Friday Week Gross Sales were greater than $50 million.
The pureplay retailer is now boasting more than three million active customers, with Gross Sales growing by more than 96 percent. Furthermore, its Gross Profit has increased by 120 percent and its adjusted EBITDA has seen a lift of more than 175 percent.
“We are proud to have delivered another record half while undertaking significant investments into the future of the business,” said Ruslan Kogan, the CEO and Founder of Kogan. “I am so proud of how our team is navigating extreme growth within our core business, and responding to the fast-changing economic, health and supply-chain environment.”
Following the acquisition of Mighty Ape, the company experienced ‘significant challenges’ caused by ‘extreme growth’ and is currently integrating the Mighty Ape team and operations.
According to the report, seven of the ten biggest trading days occurred during the Cyber Weekend sales events. “The Black Friday week saw some of the most extraordinary trading we have ever seen – with 7 out of our top 10 days ever occurring during the Black Friday period,” Kogan explained. “Keeping up with the extreme demand is an engineering, supply chain, and logistical challenge that our team loves working on and solving.”
Its cash at the end period is $78.9 million, with $1.4 million of the Group’s debt facility drawn within Mighty Ape.
“We delivered our largest acquisition to date, in Mighty Ape and expanded the Kogan.com community of members to more than three million active customers,” Kogan continued.
Kogan plans to continue the investment of its logistics capability, marketing and infrastructure.
“We are investing into building strong customer relationships by expanding our logistics capability, our marketing reach and our systems and infrastructure – giving us the foundation to continue delighting customers as the business further scales,” Kogan said.
Acquired furniture retailer, Matt Blatt, saw its first $1 million+ week of Gross Sales in the Black Friday week. Kogan Marketplace also found success during this week, grossing more than $10 million.