Lillydoo to grow by more than 40 percent in 2019
Diapers in the subscription model are the success model of the start-up Lillydoo. The annual report now published shows the more than positive development for 2019.
Founded in 2015, start-up Lillydoo is best known for its subscription model for diapers, which it delivers to your doorstep. Its currently published annual report for 2019 shows that the Frankfurt-based startup was able to increase its revenue by 41.6 percent, with the diapers' subscription model alone growing by 31.5 percent.
For 2020, Lillydoo expects a "further significant increase in gross profit in the upper single-digit million euro range". According to the company, new subscription models and the introduction of the Lillydoo app in particular led to greater customer loyalty and satisfaction and thus ensured an increase in usage. Lillydoo is not dependent on "raising further funding", it added.
The startup also invested in staff expansion in 2019, increasing from 105 employees in 2018 to 140 employees at the end of 2019. The net loss for 2019 was €8.8 million, up from €4.8 million in 2018. Lillydoo sees the reason for the increase in "deferred tax assets for loss carryforwards recognized for the first time in fiscal year 2018, as well as special costs related to the capital increase."
For 2020, Lillydoo expects more sales due to the corona pandemic. "Instead of regular diaper purchases from retailers, the convenience option offered by Lillydoo to deliver diapers to your home via a service model is becoming increasingly attractive," the company writes confidently. However, bottlenecks and delays in the supply chains could have a negative impact.
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