Australian flash sales site MySale has attributed its return to profit to a renewed focus on its core Australian business and “a strong branded product offer”.
MySale reported an underlying EBITDA of A$200,000 (£91,622) for the six months to June 30, although for the full year to June 30 it made a A$11.2m (£5.1m) loss.
Carl Jackson, chief executive of MySale Group, said the business had “stretched itself too thinly” in the first half of its financial year with openings in the US, Korea and Hong Kong.
“We weren’t focusing. We realigned our cost base, focused on our core ANZ market, and improved our merchandising. It was really back to basics for us.”
He added: “We have also focused on our core mainstream product. There’s a real appetite for mid to premium brands like Belstaff, Versace and Desigual in Asia and our great buying team based in London’s west end are a great advantage, as they get these in for us.”
Jackson said his close relationship with retail heavyweights Sports Direct’s Mike Ashley and Arcadia’s Philip Green, who both own a stake in MySale and use the platform to sell to customers in certain markets outside of the UK, has opened the doors to many brands.
“Philip and Mike have been very supportive and have been very important in facilitating conversations with brands. Their network and presence have given us the opportunity to take our brands to a different level,” he explained.
Sales at MySale were up 5% year on year to A$235.9m (£108m).