Westwing's business model is also very special, they provide discounted and attractive furniture flash purchases for registered members of the website every day, but the company does not have any excess inventory. The company has maintained rapid growth since its inception and has now entered into partnerships with more than 4,900 brands and has a well-established international distribution channel. Rocket Internet, which helps Westwing incubate, currently holds 32% of its equity. Other investors include: Investment AB Kinnevik, Access Industries, Summit Partners, Tengelmann Ventures, Fidelity Worldwide Investment and Odey.
Westwing has annual sales of more than 250 million euros. However, the company’s earnings report last year showed that the company still suffered losses. Last year's EBITDA had a loss of 4.9 million euros and total sales of 266 million euros. The adjusted EBITDA loss for the first quarter of this year was 1.2 million euros. Last month, Westwing CEO Stefan Smalla said the company will streamline its operations and is in talks with potential buyers about its acquisitions outside of Europe.
Rocket Internet is a venture capital and incubator company established in 2007. Headquartered in Berlin, Germany, Rocket Internet provides e-commerce technology consulting and capital operation services for companies at home and abroad. They quickly developed through the successful cloning of some successful e-commerce models, and successfully listed in 2014, ranking among the largest Internet-listed companies in Europe.
In June of this year, Rocket Internet promoted its German furniture retailer Home24, although Home24's recent share price has declined, but still higher than the issue price.
(Source: JJGLE.COM)
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