EBTM, the online retailer of music-inspired fashion, is to grow its own-brand offer to 50% of the product mix in the next few years after moving into the black for the first time.
EBTM, which launched three years ago, posted an operating profit of £903,000 for the year ended April 30. Its own-label offer currently accounts for 30% of the mix, with brands including Vans, Criminal Damage and Chunk making up the rest.
Sales rocketed by more than 400% to £6.7 million for the period, boosted by last year’s acquisition of accessories brand Lowlife and streetwear brand Atticus. The wholesale business accounted for 73% of group revenue, with about two thirds of wholesale sales being made to UK retailers.
EBTM chief executive Richard Breeden said he was targeting 30% year-on-year growth for the business as a whole.
He said: “This year has been transformational for EBTM. We have seen strong growth from both our original online business and the acquisitions made early in the year.
“The acquired business brought ownership of two well established ‘own brands’ as well as the ability to create and source new exclusive lines for our online operation.”
Breeden said EBTM is set to expand its womenswear offer “substantially” this year. It currently accounts for 30% of the product mix.
He also outlined central Europe and North America as key new markets to target for EBTM’s wholesale business.
Breeden added: “The outlook for our business remains positive as online retailing is predicted to grow rapidly.”
Stephen Walters has been appointed chief operating officer at EBTM. Walters has more than 20 years’ experience in the retail sector, having previously worked at high street chains such as Dolcis and Jaeger.