The Hut Group ups guidance following strong autumn sales
8 Dec 2020
British online retailer The Hut Group (THG) acquired 1.7 million new active customers in November - a 74 percent year-on-year increase - boosted by “very strong performances” during Singles Day, Black Friday and Cyber Week.
The retailer, whose portfolio includes fashion brands MyBag, Coggles, and All Sole, said it attracted almost 900,000 new customers in Cyber Week alone.
THG also both customer retention rates and average spend per customer “have seen continuing positive trends, further underpinning a very strong performance during the most important trading period of the year”.
Following the strong results, the company has now doubled its Q4 guidance to an expected 40-45 percent increase year-over-year. Full-year 2020 revenue is now expected to be between 1.57 billion pounds to 1.6 billion pounds.
The company also announced it's signed a new deal with Frasers Group brand Jack Wills to be THG Ingenuity's first project with the group, as part of a wider partnership agreement.
“THG Ingenuity will deliver a full end-to-end ecommerce solution for Jack Wills, including fulfilment and digital brand building. The deal covers the US, Australia and Asia-Pacific, allowing the British brand to expand its presence in key international territories,” THG said.
Photo credit: The Hut Group