Earnings Release • Mar 13, 2025
Earnings Release
Open in ViewerOpens in native device viewer
La Plaine Saint Denis, France, Mars 13th , 2025 – Showroomprivé (SRP Groupe), a European group specializing in flash sales, publishes its results for the financial year ended December 31, 2024, as approved by the Board of Directors on March 13th, 2025.
David Dayan, Chairman and CEO of Showroomprivé, said: "In a turbulent global economic environment throughout 2024, our group has shown resilience, recording a GMV of almost one billion euros for the second consecutive year, and by taking several key steps in the deployment of our ACE strategic roadmap. Thanks to the commitment of our teams, we have initiated our commercial overhaul, launched our marketplace in our international countries, invested in our digital platforms to streamline the experience offered, developed our growth drivers and continued the integration of The Bradery. All these initiatives will enable us to improve our operational efficiency for our customers. While the economic situation at the beginning of 2025 remains difficult and is impacting our core business, we are continuing our efforts to accelerate our transformation and successfully execute our strategy while maintaining disciplined cost management. We remain determined and confident in our ability to grow the company with agility and innovation, and to strengthen the desirability and premiumization of our brand."
revitalize the core business
1 Gross merchandise volume (GMV) represents, all taxes included, the total amount of the invoiced transaction and therefore includes gross Internet sales, including sales on the Marketplace, other services and other income.
2 Travel & Leisure, Marketplace, The Bradery and International.
| (in millions of €) |
2023 | 2024 | Change % |
|---|---|---|---|
| GMV | 1,004.7 | 999.2 | -0.5% |
| Net Revenues | 677.2 | 646.5 | -4.5% |
| Total Internet Revenues | 665.2 | 636.8 | -4.3% |
| Of which International | 129.0 | 142.2 | +10.2% |
| Gross margin | 258.8 | 238.0 | -8.0% |
| Gross margin as a % of Revenue | 38.2% | 36.8% | -140Bps |
| Operating expenses | 250.7 | 252.0 | 0.5% |
| As a % of Revenue | 37.0% | 39.0% | +195Bps |
| EBITDA | 23.6 | 2.3 | -90.4% |
| Operating profit before non-recurring items |
8.1 | -13.9 | n.m |
| Other operating income and expenses | -7.0 | -22.2 | n.m |
| Operating income | 1.2 | -36.1 | n.m |
| Cost of Financial debt | -1.9 | -2.1 | n.m |
| Profit before tax |
1.0 | -37.3 | n.m |
| Profit tax | -0.5 | -2.4 | n.m |
| Net Profit | 0.5 | -39.7 | n.m |
In 2024, Showroomprivé's gross merchandise volume (GMV) remained close to one billion euros at 999.2 million euros, down slightly by -0.5% compared to the 2023 financial year, in an online commerce market where the recovery has been hampered by political uncertainties and increasing competition with the development of ultra fast fashion platforms in France. Revenue for 2024 amounted to €646.5 million, down -4.5%, the confirmed positive trend of the growth drivers did not fully offset the impact of the sluggish economy and the decline in traffic.
As a continuum of the last semesters trend, the evolution is different between the core business, which suffered from a deteriorated context with a stagnating market in Fashion and a 2% drop in the House's goods4 segment, and the growth drivers which, like The Bradery, Marketplace and Travel & leisure segment that have outperformed and continue to grow their share in the portfolio of activities to represent more than 22% of the Group's total GMV.
Faced with this situation, Showroomprivé set about redynamising its core business by investing in its pricing policy to meet the expectations of its customers. This choice enabled the Group to resume sustained commercial conquest during Black Friday week, to preserve its market share while purifying old stocks. However, these strong decisions weighed on the gross margin achieved during the year, resulting in a zero contribution of sales in the second half of the year to profitability. At the same time, Showroomprivé continued to strictly control costs, with tight management of its marketing budget and structural costs, despite inflation-related increases, keeping operating expenses relatively stable and leading to a positive EBITDA of €2.3 million in 2024.
After depreciation, amortization and provisions, the operating result before non-current expenses stands at -13.9 million euros.
3 Audit procedures over 2024 consolidated accounts have been performed. The certification report will be issued by the board of Directors on 13th march 2025 as it defines the project of resolution
4 Source : Fevad, Review of e-commerce in France in 2024
Other operating income and expenses amounted to €22.2 million, strongly impacted by the revaluation of a share of the future acquisition debt, prorata temporis, relating to the shares of The Bradery company owned by minority shareholders.
The cost of financial debt increased to -€2.1 million in a context of rising interest rates. The Group recorded a tax expense of -€2.4 million.
Cash flow from operations amounted to €12.1 million in 2024, compared with €10.2 million in 2023, with the impact of the decline in earnings mitigated by a favorable change in working capital requirements thanks to proactive inventory management. Taking into account the significant investments made as part of the transformation, the deployment of the ACE roadmap and the repayment of financial debt, the change in cash flow amounted to -€24.5 million over the financial year, bringing available cash to €46 million. The Group maintains a positive net cash position of €9.3 million and equity stands at €162.8 million.
The core activity around sales events at Showroomprié shows a decrease of -8% due to several adverse factors:
Faced with this situation, Showroomprivé has benefited from the work made in recent years to compensate for the cyclical nature of its historical business. The group has developed new verticals, addressed Millennial customers through a successful external growth operation, created a Marketplace to sell the offerings of certain partners, diversified its sources of income and internationalized its activity.
| 2023 | 2024 | Change % | |
|---|---|---|---|
| New buyers* (in millions) | 1.1 | 1.0 | -4.0% |
| Buyers** (in millions) | 4.0 | 3.9 | -2.2% |
| Of which Loyal Buyers*** | 2.7 | 2.6 | -4.1% |
| In % of total number of buyers Excluding Marketplace |
68% | 67% | -120Bps |
| Number of orders (in millions) | 12.6 | 12.1 | -4.3% |
| Revenue per buyer (IFRS) | 251.9 | 256.9 | +2.0% |
| Average number of Orders per buyer | 3.2 | 3.1 | -2.1% |
| Average Basket size | 79.5 | 82.8 | +4.2% |
* New buyers over the period
** Member who has placed at least one order during the year
*** Members who have placed at least one order during the year and at least one order in previous years
The key indicators for 2024 have now been consolidated, integrating all of the Group's platforms, and calculated on the basis of Gross Merchandise Volume instead of net revenue in order to reflect the growing importance of the Marketplace and the Travel and Leisure segment in the business mix. The number of new buyers remains more or less stable at 1 million. However, there were slightly fewer active buyers than last year (2.2%), while the rate of loyal customers remaining at 67%.
The economic context weighed on the number of orders, which fell by 4.3%, a decrease slightly mitigated by a GMV per buyer that increased by 2.0%, these two figures reflecting the proactive choice to focus primarily on reactivating members. Despite sluggish consumption, Showroomprivé managed to increase the size of the average shopping basket to a record level of 82.8 euros (+4.2%), illustrating the success of its strategy of moving upmarket.
Finally, the Group maintained a good level of customer satisfaction during the period, with a NPS of 53% (stable vs. 2023) on Showroomprivé.
According to Fevad, 2025 set off with great uncertainties and a mixed state of mind among consumers. With a challenging start of the year in its core business, Showroomprivé has already implemented several redynamism measures, in line with the philosophy of its ACE plan, which will generate more significant effects as the financial year progresses:
This work has been extended to the SRP Services center and Beauté Privée:
• At Showroom Media, the arrival of Élise Ophèle, the new Director since October 2024, has already provided a new impetus, enabling a turnaround. At the same time, SRP Studio has been renamed Show Up and has adopted a new graphic charter to illustrate the expansion of its solutions for partner brands. Artificial Intelligence is given a prominent place, particularly in the production of audiovisual content, with a solution that has won a "Top AI Award";
• At Beauté Privée, the value proposition has been redefined ahead of the migration to Shopify, which will take place in the first half of the year.
The Group will also reap the benefits of the progress made under the ACE roadmap, such as the commissioning of the new warehouse, which will save up to 5 million euros from 2025 and 7 million euros on a full-year basis, to which will be added additional savings linked to the reduction of inter-site transportation costs.
However, in order to return to a profitable growth trajectory for its core business, the Group is considering additional measures after several quarters of performance below its standards. While maintaining the main principles of the plan, namely upgrading the platforms through a renewed offering, an enriched user experience and reduced delivery times, Showroomprivé will work on ways to accelerate their implementation.
In the medium term, Showroomprivé is staying on course with its strategic plan, the philosophy of which is to provide solutions that meet its customers' need while removing the obstacles to their commitment. To do this, it will intensify its action on each of the three levers of the plan: working on its offer (Adapt), optimising its structure (Consolidate) and developing growth drivers (Expand). It will thus work more smarter, better and faster in order to achieve the following operational objectives by 31 December 2026, which are detailed as follows:
For the Adapt part:
With regard to its other platforms, Showroomprivé will give a new boost to Beauté Privée by capitalizing on its migration to Shopify and has set a target of 15% new brands and a doubling of the members of its community. For its subsidiary The Bradery, the Group intends to make it the leader in flash sales in France in the premium segment, begin its deployment in the provinces and enter it into the luxury market. On the strength of these developments, The Bradery aims to exceed a revenue of 100 million euros in France, representing growth of 500% since its acquisition in 2022.
1 st quarter 2025 results: April 30, 2025
This press release contains only summary information and is not intended to be comprehensive.
This press release may contain forward-looking information and statements about the Group and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "goal" or similar expressions. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, investors and the Group's shareholders are advised that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Group, which could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in filings with the Autorité des Marchés Financiers (France's financial markets authority) made or to be made by the Group (particularly those detailed in Chapter 4 of the Company's registration document). The Group makes no commitment to publicly update its forward-looking statements, whether as a result of new information, future events or otherwise.
Showroomprivé is an innovative European player in the online private sales industry, specialized in fashion. Showroomprivé offers a daily selection of more than 3,000 brand partners via its mobile apps or website in France and six other countries. Since its launch in 2006, the company has enjoyed quick growth.
Listed on the Euronext Paris market (code : SRP), Showroomprivé achieved a GMV VAT5 of almost 1 billion euros in 2024, and a net revenue of 650 million euros. The Group is headed by co-founder David Dayan and employs more than 1,100 people.
For more information: http://showroomprivegroup.com
Sylvie Chan Diaz, Investor Relations [email protected]
Anthony Alfont Relations[email protected]
Financial communication Théo Martin, Louis-Victor Delouvrier
Financial media relations Gaelle Fromaigeat, Nicolas Merigeau [email protected]
4 Gross merchandise volume (GMV) represents the total invoiced transaction amount including all taxes and therefore includes gross Internet sales, including sales o the Marketplace, other services and other income.
| (thousands €) | 2023 | 2024 | Change % |
|---|---|---|---|
| Net Revenue | 677,164 | 646,456 | -4.5% |
| Cost of Gods Sold | -418,317 | -408,431 | -2.4% |
| Gross Margin | 258,847 | 238,025 | -8.0% |
| Gross Margin % of Net Sales | 38.2% | 36.8% | -140Bps |
| Marketing1 | -27,721 | -27,776 | +0.1% |
| % of Net Revenue | 4.1% | 4.3% | +20Bps |
| Logistics and Order Processing | -152,029 | -148,729 | -2.2% |
| % of Net Revenue | 22.5% | 23.0% | +50Bps |
| General and Administrative Expenses | -70,956 | -75,454 | +4.8% |
| % of Net Revenue | 10.5% | 11.7% | +120Bps |
| Total Operating Expenses | -250,706 | -251,959 | +0.5% |
| % of Net Revenue | 37.0% | 39.0% | +195Bps |
| Operating Profit before Tax | 8,140 | -13,934 | |
| Other Operating Income and Expenses | -6,958 | -22,209 | |
| Operating Profit | 1,182 | -36,143 | |
| Financial Interest Expense | -1,903 | -2,083 | |
| Other Financial Income and Expenses | 1,710 | 959 | |
| Profit before Tax | 989 | -37,267 | |
| Income Tax Expense | -497 | -2,422 | |
| Net Profit | 492 | -39,689 | |
| EBITDA | 23,627 | 2,274 | |
| EBITDA % Net Revenue | 3.5% | 0.4% |
1 In accordance with the recommendations of the AMF (Autorité des Marchés Financiers), the amortization of intangible assets recognized in connection with a business combination is presented within "operating profit before tax" under marketing expenses.
| 2023 | 2024 | Change % | |
|---|---|---|---|
| CUSTOMER INDICATORS | |||
| New Buyers (in thousands) | 1,073 | 1,030 | -4.0% |
| France | 867 | 816 | -5.9% |
| International | 206 | 214 | 4.1% |
| Buyers (in thousands) | 3,979 | 3,890 | -2.2% |
| France | 3,309 | 3,186 | -3.7% |
| International | 670 | 704 | 5.1% |
| GMV per Buyer (€) | 252 | 257 | +2.0% |
| France | 248 | 251 | 1.2% |
| International | 271 | 283 | 4.6% |
| Number of Orders (in thousands) | 12,611 | 12,072 | -4.3% |
|---|---|---|---|
| France | 9,881 | 9,120 | -7.7% |
| International | 2,731 | 2,952 | 8.1% |
| Average Number of Orders per Buyer | 3.2 | 3.1 | -2.1% |
| France | 3.0 | 2.9 | -4.1% |
| International | 4.1 | 4.2 | 2.8% |
| Average Basket Size (€) | 79.5 | 82.8 | +4.2% |
| France | 83.1 | 87.7 | 5.6% |
| International | 66.5 | 67.6 | 1.7% |
| (€ thousands) | 12/31/2023 | 12/31/2024 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| Goodwill | 129,912 | 129,912 |
| Other Intangible Assets | 53,184 | 54,477 |
| Property, Plant, and Equipment | 24,729 | 40,801 |
| Other Non-Current Assets | 6,660 | 6,010 |
| Total Non-Current Assets | 214,485 | 231,200 |
| CURRENT ASSETS | ||
| Inventory and amount outstanding | 89,921 | 73,199 |
| Accounts Receivable and Related Accounts | 25,546 | 25,128 |
| Tax Receivables | 668 | 453 |
| Other Current Assets | 31,730 | 27,018 |
| Cash and Cash Equivalents | 70,574 | 46,043 |
| Total Current Assets | 218,439 | 171,841 |
| Total Assets | 432,924 | 403,042 |
| Loans and Financial Liabilities | 26,692 | 23,945 |
|---|---|---|
| Employee Commitments | 874 | 1,078 |
| Other Provisions | 388 | 385 |
| Deferred Taxes | - | - |
| Other long-term liabilities | - | 5,972 |
| Total Non-Current Liabilities | 27,954 | 31,380 |
| Loans and Bank Overdrafts (due within one year) | 15,656 | 12,832 |
| Suppliers and Related Accounts | 136,020 | 127,188 |
| Other Current Liabilities | 50,486 | 68,801 |
| Total Current Liabilities | 202,161 | 208,821 |
| Total Liabilities | 230,115 | 240,201 |
| Total Equity | 202,807 | 162,841 |
| Total Liabilities and Equity | 432,924 | 403,042 |
| (€ thousands) | 2023 | 2024 |
|---|---|---|
| Consolidated Net Profit | 492 | -39,689 |
| Adjustments and Others | 14,589 | 15,663 |
| Cash Flow from Operations after Net Financial Cost and Tax | 15,081 | -24,026 |
| Elimination of Tax Expense (Income) | 497 | 2,422 |
| Elimination of Net Financial Cost | 1,900 | 2,028 |
| Impact of Changes in Working Capital Requirement | -9,374 | 34,128 |
| Cash Flow from Operating Activities before Tax | 8,104 | 14,552 |
| Taxes Paid | 2,339 | -314 |
| Cash Flow from Operating Activities | 10,443 | 14,238 |
| Impact of Changes in Scope | - | -20 |
| Acquisition of Property, Plant, and Equipment | -9,020 | -22,852 |
| Acquisition /(Sale) of financial participations | -100 | - |
| Change in Loans and Advances Granted | -310 | 144 |
| Disposal of Property, Plant, and Equipment | 242 | - |
| Cash Flow from Investing Activities | 1,710 | 45 |
| Cash flow from investing activities | -7,478 | -22,683 |
| Increase in Share Capital | - | - |
| Net Purchase (Sale) of Treasury Shares | -446 | -174 |
| Issuance of Bonds | - | - |
| Repayment of Bonds | -13,519 | -13,911 |
| Net Financial Interest Paid and Others | -1,901 | -2,027 |
| Cash Flow from Financing Activities | -15,865 | -16,112 |
| Impact of Exchange Rate Variation | -4 | 26 |
| Change in Cash Position | -12,904 | -24,531 |
| (€ thousands) | 2023 | 2024 |
|---|---|---|
| Net Profit | 492 | -39,689 |
| Amortization of Intangible Assets Recognized in Business Combinations | 1,617 | 459 |
| Amortization and Depreciation of Fixed Assets | 13,869 | 15,749 |
| Including amortization in Logistics and Order Processing | 4,305 | 4,959 |
| Including amortization in General and Administrative Expenses | 9,564 | 10,790 |
| Other Financial Income Expenses | 5,248 | 21,250 |
| Financial Interest Expense | 1,903 | 2,083 |
| Income Tax Expense | 497 | 2,422 |
| EBITDA | 23,627 | 2,274 |
| (€ thousands) | 2023 | 2024 |
|---|---|---|
| Gross Internet Sales | 965,543 | 965,310 |
| VAT (Value Added Tax) | -166,956 | -158,695 |
| Impact on Revenue Recognition | -160,581 | -194,007 |
| Non-Internet & Other Sales | 39,158 | 33,851 |
| Net Revenue under IFRS | 677,164 | 646,459 |
| (€ thousands) | 2023 | 2024 |
| Gross Internet Sales | 965,543 | 965,310 |
| Other Services and Other Revenues | 39,158 | 33,851 |
| Gross Merchandise Volume | 1,004,702 | 999,161 |
Have a question? We'll get back to you promptly.