LightInTheBox Holding Co., Ltd., the Chinese cross-border e-commerce platform, announced that sales during Black Friday 2019 grew 68% year-over-year.
Gross margin during Black Friday increased 119% which supported a 169% increase in contribution margin and a significant 311% increase in net profit when compared to the same point last year. The apparel category was the best-selling vertical, with more than 5,000 units of a long-sleeved t-shirt sold during first 6 hours of the sales event. Net sales in Europe in particular increased 32.3% year-over-year while gross margin expanded by over 99%.
To prepare for Black Friday this year, LightInTheBox worked closely with more than 2,000 manufacturers in China, to carefully select higher margin products based on its extensive analysis of current trends and demands in each region. The company also began working closely with key logistics partners months in advance to shave approximately 40% off of shipping fees and cut down shipping time from China to major European markets by half. All of these initiatives helped significantly improve the Company’s margins and sales during this year’s Black Friday sales event.
Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, “Our strong performance during this year’s Black Friday reflect the progresses we have made in stabilizing and turning our business around. Shifting our product mix towards higher margin products, carefully cutting costs and investing in R&D is positioning us to drive sustainable growth going forward. Black Friday continues to be our biggest sales event of the year and I’m pleased to see such a marked improvement in our performance this year.”