The Iconic extends sale after orders increase 400 per cent

PATRICK_The IconicOnline fashion retailer The Iconic has extended its anniversary sale by 24 hours, after orders increased 400 per cent on the first day of the sale.

The retailer slashed prices on almost all products by 30 per cent to mark its seventh anniversary. The sale now ends at midnight on Thursday, October 11.

The Iconic noted on Tuesday that much has changed in the e-commerce sector since it launched in 2011. Shoppers across Australia and New Zealand now spend twice as much time shopping online as they did seven years ago.

Consumers have spent the equivalent of 440,000 days on The Iconic so far this year. That’s approximately 1100 years.

And while this has resulted in increased sales for The Iconic, it has also come at a cost. Over the past seven years, the company has accumulated losses of $167.38 million. It lost $10 million in 2017 alone, and as of May, was still relying on parent company Global Fashion Group for funding.

The Iconic recorded $293.7 million in sales in 2017, a 35 per cent increase over its 2016 sales of $207.7 million.

The cost of distribution rose more than 30 per cent, and administration costs jumped more than 50 per cent, while the cost of sales and marketing rose only 14 per cent.

The company is pursuing its objective of increasing market share and profitability.

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