Westwing announced its financial results and profitable growth for the first half of 2018. Rocket Internet's furniture shopping club also announced its strategic decision to focus on Europe in the future and to divest its businesses in Brazil, Russia, and Kazakhstan.
In the first half of the current year, Westwing continued to grow profitably. Based on the preliminary Business results The company increased its revenue by more than 20 percent year-on-year, with sustained EBITDA profitability. This means that the Munich-based company has now been profitable for three consecutive quarters and also achieved profitable double-digit growth in the seasonally weaker second quarter.
Core business in Europe
Westwing has also made the strategic decision to fully focus on its core business in Europe. The company sees significant synergies here for the further development of its business model and eCommerce platform. Therefore, it has now decided to divest its businesses in Brazil, Russia, and Kazakhstan. Westwing says it is already in talks with various interested parties who could take over the businesses with local expertise.
