My-Wardrobe has widened its losses to £3.8m, or $6m for the year to June 30, 2011 as the etailer relocated from Nottingham to London.
According to accounts filed at Companies House last week, the premium etailer’s losses widened from £1.9m ($3m) in 2009/10. It said its London move cost £130,000 ($205,000) and an increase in studio size added a further £55,000 ($87,000) to overheads.
Despite the loss, the company grew its revenue 75% to £12.7, or $20m. Trading EBIDTA stood at £3.1m ($4.9), up from £1.8m ($2.8) in 2009/10.
UK sales, before returns, soared 90% year-on-year and the average order value of £184 ($290) grew 25% on the previous year.
Year-on-year sales in Europe jumped 110%, with an average order value of £189 ($298), up 11%.
Sales across the rest of the world were up 120% with average order values (AOV) up 34% to £219 ($346). All dollar figures have been calculated at the rate of current exchange.
Bringing on board new brands including Marc by Marc Jacobs and 3.1 Phillip Lim for autumn 11 and Burberry Brit and Issa for spring 12 had helped push up AOV growth.
My-Wardrobe said it was taking steps to reduce reliance on the UK market, introducing plans for international expansion.
The etailer has revamped its website to prepare it for overseas growth. It now offers localised language and currency options in Scandinavia which will be rolled out into Australia and the Middle East.
A round of funding with existing investors last September raised £2.3m ($3.6m) to support infrastructure development. The company expects this will help provide sufficient working capital and help it reach profitability in the short-term.
Tight cost control will help the company reach profitability in the short-term and be cash generative, it said in a statement.
My-Wardrobe is to hire a chief executive to take over from founder Sarah Curran in the next couple of months. The new boss will focus on global expansion while Curran turns her attention to user experience, creative direction and further development of the brand and the website.