Menē sees end of year revenues up 64%

Menē has revealed a 64% year-on-year increase in revenue to $21.3m (£15.6m) for the fiscal year ended December 31, 2020 from $13.06m (£9.6m) last year, despite the impact of Covid-19 and lockdown restrictions.

The global online 24 karat jewellery brand sold 72,900 cumulative units and received 15,885 customer orders, with the average order value of $1,559 (£1,146), reflecting an increase of 30% year-on-year.

The group introduced 180 new products over the course of 2020, including 50 new designs as well as launching four new product collections.

The company recorded that sales from returning customers attributed to 69% of all total sales in 2020, compared to 61% in 2019.

Roy Sebag, CEO and founder of Menē, said: “As we have anticipated, Menē finished fiscal 2020 on a strong note. We felt this impressive performance warranted an update to our shareholders given the next reporting date is months away.

“Please keep in mind these are flash numbers. While we are confident these figures are conservatively accurate, they may still be subject to revision. Menē continues to solidify its position as a sustainable jewellery business with a growing network effect.”

He added: “The company is now focused on 2021 with the next important milestone being the launch of the pre-sale system. I would like to thank our customers and team-members for making our third year in business a fantastic one and we hope to deliver another solid year of growth for our stakeholders in 2021.”

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