The Danish fashion portal Miinto, which is the sales channel for more than 1,500 physical fashion stores across seven countries, has massive growth in the first half of 2020. In the second quarter alone, revenue increased 42 percent. With the progress, Miinto raises expectations for the year to a 40-50 percent growth.
Miinto comes out of the first half of 2020 with sales growth of more than DKK 100 million compared to the previous year. The Danish fashion portal can note progress for the partner stores in all seven countries that the company currently covers. Sweden tops with 89 percent growth ahead of Denmark with 63 percent and the Benelux with 47 percent.
Miinto CEO Konrad Kierklo is pleasantly surprised at how strong the progress was in the second quarter. Especially stores with fashion goods at the more exclusive end of the scale have experienced great progress.
“We are seeing increasing sales across the board. But with a growth in sales of 168 percent in the second quarter, it is stores with luxury goods on the shelves that have generated the largest increase without comparison” explains Konrad Kierklo.
The increased turnover of luxury fashion items is reflected in the fact that the average order value via Miinto has grown in all markets. The largest increase in the second quarter is in the Swedish market, where the average order value increased by as much as 53 percent and is now almost 2,000 Danish kroner. It paints a clear picture that it is a whole new segment of customers that Miinto is now attracting.
“A year ago, we increased our focus on the premium segment. That is what we are seeing the result of now. The numbers speak for themselves – the demand for clothes and accessories at the upper end is out there if you have the right goods and are geared to expand your sales to new markets. Of course, we continue the work of making ourselves even more attractive to far more store partners in the premium segment” says Konrad Kierklo.
Danish stores’ international sales are rising
The vast majority of Miinto’s revenue is outside Denmark’s borders. It also means that more and more of the largest store partners on Miinto’s digital store concept are picking up a significant portion of revenue across Miinto’s seven markets.
“The special thing about the Miinto platform is that consumers shop with the individual stores. It offers a number of local benefits. But many of our store partners also want to expand their presence in new markets via the platform, and we are now seeing this take off in earnest. In the second quarter alone, our Danish store partners’ sales in foreign markets increased by 281 percent” says Konrad Kierklo.
In the second quarter, Danish stores on Miinto generated over 40 percent of all their sales outside Denmark. Of which 21 percent came from the Netherlands and 15 percent from Sweden. Last year, less than 20 percent of the Danish store partners’ sales were generated outside DK.
The figures for the first half of 2020 are included in Miinto’s annual accounts, which cover the period from August 2019 to July 2020. With the high growth rates, Miinto is raising its expectations for the financial year to a 40-50 percent increase. In the financial year 2018/19, Miinto sold fashion goods for almost DKK 700 million.