EQS-News

Westwing expands to Portugal.

EQS-News: Westwing Group SE / Key word(s): Expansion Westwing expands to Portugal. 24.05.2024 / 13:53 CET/CEST The issuer is solely responsible for the content of this announcement. Munich, 24 May 2024 // Westwing, Europe’s #1 in Beautiful Living e-commerce, proudly announces its expansion into the Portuguese market, launched on May 22nd. With a revenue of €429 million in 2023, Westwing continues its growth trajectory by entering its 12th European market. This marks the first new market expansion since 2014, reflecting Westwing’s strategic focus on leveraging its successful business model across Europe. It is also the first country to operate on Westwing’s new mostly software-as-a-service based technology platform.

"We aim to not just enter but become a part of Portuguese homes, inspiring and exciting them throughout this journey," states Andreas Hoerning, Chief Executive Officer at Westwing. "With our expansion to Portugal, we want to strengthen our position to become Europe's leading premium one-stop destination for Home & Living."

Portugal presents a significant opportunity for Westwing, with a growing home and living market valued at approximately EUR 2.2 billion. Despite a strong retail presence, only 25% of purchases are currently made online, a figure expected to rise to 48% by 2028. This indicates a substantial opportunity, responding to a Design Lovers savvy demand (local & expats), driven by an increase in urban real estate developments.

Westwing is committed to listening to Portuguese customers and continually enhancing the brand experience. The online offering will also include selected local brands, enriching its appeal to the target audience with a diverse portfolio of approximately 200 premium design brands.

By entering the Portuguese market, Westwing reaffirms its dedication to Beautiful Living, aiming to inspire and excite homes across Europe with its customer-centric approach and unparalleled design expertise.

 

Westwing's Annual General Meeting is scheduled for 19 June 2024. 

For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com