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Redbubble – Still benefiting from Covid-19

Redbubble one of our portfolio positions, owns and operates two websites:

The websites link buyers and artists one market place, with over 1 million independent artist in a wide range of categories. We have tested the websites and its actually quite a good way to buy a present for a family member. I bought a few t-shirts as cheap gifts for family members. It’s a lot quicker than trolling though stores physically and it’s a pretty inoffensive gift (in that nobody is really offended getting a t-shirt) and you can pretty much get something you know will appeal to that person.

Redbubble announced a July trading update on Friday.

July Marketplace Revenue of $49 million, up 132%

  • 4Q2020 Marketplace Revenue of $122 million, up 107% (97% on a constant currency basis)

  • FY2020 Marketplace Revenue of $368 million, up 43% (36% on a constant currency basis)

It’s benefiting from the massive increase in online spending during Covid. Growth has been across all core geographies and product categories. Most notably face masks have contributed $26 million to since April.

On our numbers the company is annualising about $70m in EBITDA for this financial year (FY21) our estimates of about $15m EBITDA for FY20.

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