Westwing expands to Portugal.
24.05.2024 - 13:53:30Westwing expands to Portugal.. Westwing Group SE / DE000A2N4H07
| Westwing Group SE / Key word(s): Expansion 24.05.2024 / 13:53 CET/CEST The issuer is solely responsible for the content of this announcement. Munich, 24 May 2024 // Westwing, Europe’s #1 in Beautiful Living e-commerce, proudly announces its expansion into the Portuguese market, launched on May 22nd. With a revenue of €429 million in 2023, Westwing continues its growth trajectory by entering its 12th European market. This marks the first new market expansion since 2014, reflecting Westwing’s strategic focus on leveraging its successful business model across Europe. It is also the first country to operate on Westwing’s new mostly software-as-a-service based technology platform. "We aim to not just enter but become a part of Portuguese homes, inspiring and exciting them throughout this journey," states Andreas Hoerning, Chief Executive Officer at Westwing. "With our expansion to Portugal, we want to strengthen our position to become Europe's leading premium one-stop destination for Home & Living." Portugal presents a significant opportunity for Westwing, with a growing home and living market valued at approximately EUR 2.2 billion. Despite a strong retail presence, only 25% of purchases are currently made online, a figure expected to rise to 48% by 2028. This indicates a substantial opportunity, responding to a Design Lovers savvy demand (local & expats), driven by an increase in urban real estate developments. Westwing is committed to listening to Portuguese customers and continually enhancing the brand experience. The online offering will also include selected local brands, enriching its appeal to the target audience with a diverse portfolio of approximately 200 premium design brands. By entering the Portuguese market, Westwing reaffirms its dedication to Beautiful Living, aiming to inspire and excite homes across Europe with its customer-centric approach and unparalleled design expertise. Westwing's Annual General Meeting is scheduled for 19 June 2024. For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com About Westwing Westwing is Europe’s #1 in Beautiful Living e-commerce, with EUR 429 million revenue across 11 countries in 2023. The premium one-stop destination for Design Lovers is offering a unique brand experience with a curated assortment of the Westwing Collection and the best design brands. The integrated platform combines Shop, Club Sales, offline Stores, B2B services and Westwing Studio. The team consists of 1,700 professionals working together towards a shared purpose to “excite people to create homes that unlock the full beauty of life”. Founded in 2011, Westwing is headquartered in Munich and went public on the Frankfurt Stock Exchange in October 2018. Disclaimer Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events and the Company undertakes no obligation to update or revise these statements. The Company’s actual results may differ materially and adversely from any forward-looking statements discussed in this press release due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels. Contact Westwing Group SE Investor Relations E-Mail: ir@westwing.de 24.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Westwing Group SE |
| Moosacher Straße 88 | |
| 80809 Munich | |
| Germany | |
| Fax: | +49 (89) 550 544 445 |
| E-mail: | ir@westwing.de |
| Internet: | www.westwing.com |
| ISIN: | DE000A2N4H07 |
| WKN: | A2N4H0 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1910905 |
| End of News | EQS News Service |
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