The Drapers Independents Award-winner stated internet income rose by 191% year-on-year within the calendar 12 months of 2024, exceeding its annual forecasts by 4%. Its common order worth was £564, a 9% improve 12 months on 12 months, surpassing rivals corresponding to Farfetch and Web-a-Porter.
The corporate additionally achieved a big discount in return fee to fifteen% and maintained reductions at 7% of gross merchandise worth, it stated.
Cult Mia noticed success in 2024 within the Center Japanese market, the place gross merchandise worth grew 4.4 instances year-on-year, making it the fastest-growing area for the corporate.
Within the US it noticed a 2.1 instances year-on-year improve in gross merchandise worth.
Cult Mia additionally expanded its buyer base by 2.5 instances in 2024, it reported, a rise of 146% year-on-year, and grew its neighborhood to 278,000 members in 2024.
The corporate now goals to develop its portfolio past the 400 manufacturers it has already onboarded throughout 46 international locations.
The enterprise will construct on success in markets together with the US and Center East, and take steps in the direction of its imaginative and prescient of constructing Cult Mia “the go-to vacation spot for curated, values-driven luxurious,” stated CEO Nina Briance.
“2025 is shaping as much as be a transformative 12 months for Cult Mia as we proceed to problem trade norms and redefine the luxurious style expertise.”
The corporate plans to boost its know-how platform to enhance buyer expertise, deepen its presence in its two core markets of the USA and Center East, and to remain true to its dedication to share sustainable and moral practices, to incentivise its model companions to make enhancements on their ESG journeys, it stated.
Cult Mia has greater than 250 impartial designers making use of every month, with 10% being accepted. It stated 39% of its merchandise can be found solely on Cult Mia and that it has a 98% retention fee for manufacturers.
Cult Mia’s newest seed funding spherical, introduced in October 2024, was led by enterprise capital fund Gas Ventures with H&M Group Ventures, and different backers.
Cult Mia initially closed its seed funding in November 2023 after it raised £2.5m of capital, however accomplished an extension spherical bringing the whole raised to £4.5m final 12 months.
