Investor Relations

Westwing reports revenue growth of 21% year-over-year to EUR 522 million with a two-year growth of 96% as it expanded its high-margin Westwing Collection in 2021

DGAP-News: Westwing Group AG / Key word(s): Preliminary Results
20.01.2022 / 18:30
The issuer is solely responsible for the content of this announcement.

Westwing reports revenue growth of 21% year-over-year to EUR 522 million with a two-year growth of 96% as it expanded its high-margin Westwing Collection in 2021

  • The fourth quarter concluded a successful FY 2021 for Westwing with revenue growing to EUR 522m, resulting in strong growth rate of 21% year-over-year and a two-year growth rate of 96%
  • The total number of Active Customers stood at 1.7m at the end of FY 2021, 11% up from FY 2020 and 80% up from FY 2019
  • Westwing realized strong profits amid supply chain headwinds and increased growth investments in the second half of 2021 resulting in an expected Adj. EBITDA margin of 7.5 - 8.0% for FY 2021, which is in line with analyst consensus estimate
  • Profitability was supported by an increase in the high-margin Westwing Collection share, which grew by 9 percentage points to 34% of Group Gross Merchandise Volume (GMV) for FY 2021

Munich, January 20, 2022 // Westwing, the leader in inspiration-based Home & Living eCommerce in Europe, announces preliminary and unaudited trading information for the fourth quarter and the full year 2021.

Based on preliminary unaudited results, Westwing delivered continued growth on top of a very high baseline from 2020 - a testament to Westwing's unique, loyalty-driven business model. For FY 2021, topline grew significantly to EUR 522m in revenue (FY 2020: EUR 433m), realizing 21% year-over-year growth and a very strong 96% two-year growth rate. Notably, Westwing has consistently achieved growth across both its segments, with the DACH segment growing revenue by 22% year-over-year to EUR 297m and the International segment by 19% year-over-year to EUR 226m in FY 2021.

The level shift in size is further reflected in Westwing's Active Customer base, which stands at 1.7 million at the end of the fourth quarter of 2021, an increase of 11% vs. the end of 2020 and 80% vs. the end of 2019. Additionally, Westwing further expanded its share of wallet with its customers as average GMV per Active Customer increased for FY 2021 to EUR 343 per Active Customer (FY 2020: EUR 328).

Westwing delivered a solid fourth quarter 2021 with EUR 166m in GMV (Q4 2020: EUR 175m) against a strong baseline 2020. These extraordinary baseline effects will continue to impact growth rates well into the second quarter of 2022.

In terms of profitability in FY 2021, based on preliminary unaudited results, Westwing achieved a strong Adj. EBITDA margin of 7.5 - 8.0%, which is in line with analyst consensus estimate. These profits have been realized while managing significant supply chain headwinds and associated cost inflation in the second half of 2021, which at this point is expected to remain at least through the first half of 2022. Furthermore, strategic growth investments into key areas (Westwing Collection, Marketing and Technology) to support Westwing's future ambitions resulted in lower profitability in the short-term while providing the basis to achieve the 2024/25 targets of EUR 1 billion revenue and more than EUR 100 million of Adj. EBITDA.

Profitability for FY 2021 has meanwhile been supported as planned by the tremendous growth of the strategically important Westwing Collection. The Westwing Collection leverages bestsellers tailored to the taste of its customers at good prices and high quality, while also generating superior margins. The overall increase in Westwing Collection share to 37% of GMV in the fourth quarter of 2021 (+9 percentage points increase year-over-year) has been an important milestone towards the mid-term strategic target of 50% Westwing Collection share.

"The continued level shift of our business is a testament to the strength of our brand and the quality of our teams. We are investing in innovative and exciting offerings such as our Westwing Collection, our Content Marketing and Social Media channels, the Westwing Delivery Service, the Westwing Studio interior design service and Augmented Reality applications to elevate our customers' experience with us," says Westwing CEO and Founder Stefan Smalla. "By enhancing our unique assortment of products and services even further, we believe we are well positioned as the trusted Home & Living love brand of choice across all our markets."

Westwing will publish its annual report for FY 2021 including outlook for FY 2022 on March 29, 2022.

For further information, please visit Westwing's investor relations website at:

Key performance indicators Q4 2021 Q4 2020 Q4 2019 Delta
21 vs.
21 vs.
FY 2021 FY 2020 FY 2019 Delta
21 vs.
21 vs.
Westwing Collection share (in %) 37% 28% 25% +9 pp +11 pp 34% 25% 24% +9 pp +10 pp
GMV (in EUR m) 166 175 98 -6% +69% 586 502 310 +17% +89%
Number of orders (in k) 1,262 1,474 805 -14% +57% 4,371 4,074 2,428 +7% +80%
Average basket size
(in EUR)
131 119 121 +10% +8% 134 123 128 +9% +5%
Active customers LTM
(in k)
1,705 1,529 949 +11% +80% 1,705 1,529 949 +11% +80%
Average orders per active customer LTM 2.6 2.7 2.6 -4% +0% 2.6 2.7 2.6 -4% +0%
Average GMV per active customer LTM (in EUR) 343 328 327 +5% +5% 343 328 327 +5% +5%
Mobile visit share 80% 79% 76% +1 pp +4 pp 80% 79% 76% +1 pp +4 pp

Note: All figures are unaudited.

About Westwing
Westwing is the leader in inspiration-based Home & Living eCommerce in Europe with EUR 522m of revenue in 2021. Through its 'shoppable magazine', Westwing inspires its loyal home enthusiast customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating more than 80% of sales from repeat customers. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. Westwing went public on the Frankfurt Stock Exchange in October 2018 and is active in eleven European countries.

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 fulfillment centers, inaccurate personnel and capacity forecasts for fulfillment centers, 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

20.01.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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