Cult Mia sales rocket

The Drapers Independents Award-winner said net revenue rose by 191% year-on-year in the calendar year of 2024, exceeding its annual forecasts by 4%. Its average order value was £564, a 9% increase year on year, surpassing rivals such as Farfetch and Net-a-Porter.

The company also achieved a significant reduction in return rate to 15% and maintained discounts at 7% of gross merchandise value, it said.

Cult Mia saw success in 2024 in the Middle Eastern market, where gross merchandise value grew 4.4 times year-on-year, making it the fastest-growing region for the company.

In the US it saw a 2.1 times year-on-year increase in gross merchandise value.

Cult Mia also expanded its customer base by 2.5 times in 2024, it reported, an increase of 146% year-on-year, and grew its community to 278,000 members in 2024.

The company now aims to grow its portfolio beyond the 400 brands it has already onboarded across 46 countries.

The business will build on success in markets including the US and Middle East, and take steps towards its vision of making Cult Mia “the go-to destination for curated, values-driven luxury,” said CEO Nina Briance.

“2025 is shaping up to be a transformative year for Cult Mia as we continue to challenge industry norms and redefine the luxury fashion experience.”

The company plans to enhance its technology platform to improve customer experience, deepen its presence in its two core markets of the United States and Middle East, and to stay true to its commitment to share sustainable and ethical practices, to incentivise its brand partners to make improvements on their ESG journeys, it said.

Cult Mia has more than 250 independent designers applying each month, with 10% being accepted. It said 39% of its products are available exclusively on Cult Mia and that it has a 98% retention rate for brands.

Cult Mia's latest seed funding round, announced in October 2024, was led by venture capital fund Fuel Ventures with H&M Group Ventures, and other backers.

Cult Mia initially closed its seed funding in November 2023 after it raised £2.5m of capital, but completed an extension round bringing the total raised to £4.5m last year.