Fruugo announces strong revenue growth and appoints two new directors

Fruugo has announced record Black Friday and Christmas performance, resulting in its Q4 revenue increasing by over 70% year-on-year and by over 280% on a two-year basis.

As a result, the online marketplace has seen its full year revenue increase by over 50% on the previous year and by over 200% versus two years ago.

The company said this strong performance “reflects the quality and scalability of the Group’s platform and technology, Fruugo’s market-leading data science expertise, and the continued rapid global growth in cross-border e-commerce.”

Fruugo also said the performance was a result of the 59% year-on-year increase in the number of retailers using the group’s technology platform as well as a 60% uplift in shoppers buying through the site from around the world. More than 90% of its revenue was generated from shoppers outside of the UK.

“Fruugo’s agile technology and real-time model ensures shoppers are matched with retailers around the world who only offer products which they have in stock at the moment of order. The retailers fulfil the orders directly. Consequently, Fruugo itself never holds stock nor is it subject to logistics or supply chain shortages,” the retailer said.

The company has also announced the appointment of Robert McWilliam and Elizabeth Scott as independent non-executive directors.

McWilliam brings over 25 years’ experience in digital leadership, finance and strategy to Fruugo, acting as chief financial officer of Asda until last year. He has previously held senior positions at Amazon UK, Card Factory and Jisc.

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Scott is currently working as client engagement director at Tech Nation, where she is responsible for delivering a national expansion strategy, providing support to a UK wide network of scaling technology businesses, and delivering strategic partnerships. Prior to this, she held various senior positions at accountancy and consulting firm EY.

“We are delighted to report that our very strong growth momentum has continued through Q4, capping off a tremendous year of continued transformational growth and strategic progress for Fruugo.

“The benefits of our very diverse, cross-border marketplace model have been particularly profound in recent times and are reflected in our outstanding growth rates. While many traditional and e-commerce retailers and brand owners have grappled with external supply chain headwinds and stock availability, Fruugo has been able to deliver record revenues, by enabling the retailers using our “no-sale no-fee” platform to find new shoppers all over the world,” Fruugo executive chairman Dominic Allonby said.

“As we enter 2022, we remain focused on further enhancing our platform, including developing the tools retailers use to join Fruugo, and continuing to develop the user experience on our websites. To support the next phase of our growth journey, I am delighted to welcome Rob and Liz to the Board as Independent Non-Executive Directors. Their extensive expertise across digital leadership and platform technology will add huge value to our already highly experienced senior management team and Board.

“These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale. With continued outstanding growth and further investment to come we look forward to continuing on this strong trajectory and continued strategic progress in 2022 and beyond.”

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