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Online retailers who have been accustomed to success in recent years, such as the Otto Group, are also feeling the effects of the crisis. "In Germany, our sales fell by 13.5 percent in the first half of the financial year from March to August," said CEO Alexander Birken to the "Handelsblatt". Consumers valued every penny. A trend reversal is not foreseeable. Abroad - for example in the USA - business is going well. There is a growth of more than 8 percent. Sales across the entire group fell by 5.6 percent in the first half of the financial year.
At the same time, the Otto Group had to cope with rising costs in practically all areas. In view of the high inflation, however, this can only be passed on to customers to a small extent. Therefore, the profit margin decreases. “We already know that we won't be able to match last year's top result,” said Birken.
Hesitating customers and rising costs also pushed the Hamburg online fashion retailer About You deeper into the red in the past quarter. "The current economic situation has increased the pressure on the market for fashion e-commerce," said co-founder and co-boss Hannes Wiese on Tuesday. The loss in the operating business grew in the second quarter of the 2022/2023 financial year to 42.8 million euros from 13.1 million in the same period last year. Sales climbed 8.9 percent to EUR 430.6 million. In the first quarter, the increase was still 19.4 percent.
"We assume that the difficult market conditions will last longer," emphasized Wiese. The Management Board has therefore launched a savings program in order to be operationally in the black in the 2023/2024 financial year, as planned.
However, Wiese's board colleague and co-boss Tarek Müller emphasized: "But in September we saw an acceleration in growth compared to August." In the long term, the prospects for About You are better than ever, said Müller. “We believe that growth will accelerate after the crisis. On the one hand because the market as a whole is growing again, on the other hand because of reduced competition.”
