Cult Beauty, the UK’s fastest-growing beauty retailer, is delighted to have won the award for Excellence in International Ecommerce at the Sunday Times Virgin Atlantic Fast Track 100 awards dinner last night.
In shortlisting Cult Beauty, Fast Track was impressed by the Company’s rapid and sustained international sales growth, increasing at an average of 139% a year over the last three years to £51.3m, on total sales of £89.6m in 2019. This growth was facilitated by a new website for international customers, supporting multiple currencies.
Cult Beauty now has eleven country-specific websites in Euros – Ireland, Germany, Spain, Netherlands, Italy, France, Poland, Cyprus, Slovenia, Slovakia and Malta. In 2020 to date the Company has noted particularly good growth in Ireland and Germany, led by strong sales in Skincare and Haircare.
57% of Cult Beauty’s revenue was generated outside the UK in the full year to 31 May 2019, up from only 27.6% three years earlier, and further international expansion remains a core element of its growth strategy.
Fast Track is a league table of Britain’s most exciting private companies, based on growth in sales achieved over the last three years. The awards dinner celebrates the achievements of all those who made it onto the Fast Track 100 league table the previous year, and Cult Beauty is very proud to have received this award from a pool of acclaimed high-growth businesses.
The Company ranked 28th in the Sunday Times Fast Track 2019 following a very strong period of growth, where it delivered an 86.95% annual sales rise over the last three years.
Co-CEO Alexia Inge commented: “We are absolutely delighted to have been recognised for the strength of our international business. It is clear that our proposition, to provide a truly trusted beauty source for customers otherwise overwhelmed by choice, is one that resonates not just in the UK but the world over. Half of our sales are now generated internationally, and we’re excited to drive this further in the years ahead.”
Abi Brodie, VP of e-commerce at DHL Express UK, sponsor of Fast Track 100, said: “Cross-border e-commerce is growing strongly, and the opportunity this provides for fast growth and success is reflected in the great performance of Cult Beauty, winner of our Fast Track 100 Excellence in International Ecommerce award. They exported 57% of their £89.6m sales in 2019, shipping to more than 100 countries.”