Revenue at Thailand-based clothing marketplace Pomelo fell by 18.5% year on year (y-o-y) to $28.4 million U.S. in 2021, according to regulatory filings seen by DealStreetAsia.
Its loss widened by 27% y-o-y to $33.7 million during the year — a period when fashion retailers struggled amid the pandemic — with rising costs also a factor in this.
The company — which is currently valued at more than $400 million, according to DealStreetAsia — has subsidiaries in Thailand, China, Malaysia and Indonesia and is reportedly planning to expand to other Asian countries.
Pomelo raised $28.2 million in equity and debt financing in 2021, and in January 2023, it raised an additional $3.9 million U.S. from existing investor Jungle Ventures in a Series D funding round.
A month later, DealStreetAsia reported that the company had issued $13.9 million U.S. of Series D preference shares to investors, citing a filing with Singapore’s Accounting and Corporate Regulatory Authority.
Pomelo’s second-hand offering fits with its drive to support sustainability, recycling and upcycling and reduce its carbon footprint, co-founder and chief executive David Jou told The Story Thailand in 2021.
Jou has said in the past that the company was considering such options as a special purpose acquisition company (SPAC) merger or a listing on the Singapore stock exchange to raise funds. The company could also go public in Thailand, according to reports.
In September 2022, Pomelo axed 55 employees — 8% of its workforce.
Launched in 2013 by Jou and Casey Liang, Pomelo describes itself as Southeast Asia’s first digital fashion brand and the region’s leading omnichannel platform, integrating online and offline shopping. Buyers can choose merchandise on the website and try it on or collect it in store. It delivers to more than 40 countries, with free delivery on orders of $49 or more.