Wehkamp, the net division retailer from the Netherlands, is trying into an preliminary public providing (IPO). Their largest shareholder Apax needs to go away the corporate. An try to promote the retailer privately fell by way of.
Wehkamp has been within the fingers of English personal fairness agency Apax since 2015. The corporate tried to promote earlier this 12 months however failed, sources instructed Dutch newspapers. By making ready to go to the inventory market, Wehkamp follows within the footsteps of Coolblue and Bol.com. The 2 greatest on-line shops within the Netherlands introduced their plans for public providing as just lately as final week.
Gross earnings greater than doubled in 2020
The information comes at a time when Wehkamp is flourishing. In 2020 income elevated 22 p.c to 730 million euros, and gross earnings have been up virtually 250 p.c to 57 million euros. The corporate additionally purchased an internet store for child’s style and opened a new distribution middle just lately.
In 2020 gross earnings have been up virtually 250 p.c.
However the retailer’s plans for public itemizing are usually not no doubt. As a consequence of pandemic lockdown measures, on-line purchasing as an entire was booming. The query is that if Wehkamp will proceed to thrive when the pandemic growth in ecommerce dies down.
Pre-pandemic numbers elevate doubts
In spite of everything, Wehkamp has had a tumultuous few years. This previous June the corporate broke ties with its monetary arm Tinka (previously Lacent), which accounted for round 8 p.c of its income. In 2018 the corporate’s numbers have been round 28 million euros within the pink. The 12 months earlier than the pandemic hit, their losses have been over 17 million euros.
Wehkamp was over 17 million euros within the pink in 2019.
A attainable cause for these losses is the corporate’s excessive return charges. Wehkamp’s finest promoting class is garments, that are notorious for being despatched again. In 2016 the corporate revealed that 30 p.c of its orders have been returned. For a web site that additionally sells furnishings and home items, the steep return fee makes for top prices.
Wehkamp follows Bol.com and Coolblue IPO plans
Wehkamp is the third Dutch firm revealing plans for a public providing this fall. Solely final week Bol.com, the primary on-line retailer within the Netherlands, introduced a public itemizing for late 2022. Omnichannel retailer Coolblue deliberate to go public final month, however postponed it for a second time attributable to conflicting valuations of the corporate.
Bol.com is sort of 3 times the dimensions of Wehkamp.
Bol.com and Coolblue have ranked as the highest two on-line retailers within the Netherlands for years on finish. As an example: in 2020 revenues, Bol.com is sort of 3 times the dimensions of Wehkamp. Mixed with fluctuating firm outcomes, it stays to be seen if majority shareholder Apax can attraction to buyers.