Showroomprivé reports slight decline in Q1 revenues

Showroomprivé (SRP Groupe), reported a first quarter GMV of 247.2 million euros, up 3 percent, while revenues decreased slightly by 3 million euros or 1.9 percent.

Showroomprivé confirms that 2024 will be a year of transformation, with operating expenses that may impact profitability.

Commenting on the first quarter update, David Dayan, chairman and CEO of Showroomprivé, said in a statement: "The market remains difficult in our core businesses, with reduced customer consumption continuing to weigh on e-commerce. Against this backdrop, the decision, largely reinforced by the ACE roadmap, to focus on a diversified offering with a variety of product families, has proved to be the right one."

Over the period under review, Showroomprivé witnessed The Bradery recording a strong growth of 82 percent, the Marketplace recording a strong 84 percent increase in GMV, while SRP Services was confronted with a more difficult situation, due to a still delicate context for media agencies and a decline in audience related to the market.

The company said that the travel & leisure segment continued to perform well over the year, with its GMV up 11 percent, and international revenues continued to outperform France, with growth of 12 percent.

First quarter sport & lifestyle sales rose by 65 percent, partially offsetting the decline in the apparel & accessories segment. The home & deco segment suffered from a lack of offering. Beauté Privée, the company added, is seeing the very first effects of its efforts to turn its business around, and has managed to stabilize its performance.

The company acquired a minority stake in the start-up Paradigme, as part of their first fund raising of 1.2 million euros. Founded in 2022 by two brothers, Vincent and Fabien Huché-Deniset, Paradigme is a premium fashion buy-resell platform for brands and individuals.