Luxury online fashion marketplace Cult Mia has announced strong sales in 2024 with plans for fast growth this year following last autumn’s seed funding round.

The London-based business said its top line virtually tripled last year with net revenue up 191%, beating its forecasts by 4%.

In the last 12 months, its strong performance was helped by average order values (AOV) rising 9% to £564, which it also said beat the AOVs of both Farfetch and Net-A-Porter, “reinforcing its alignment with the expectations of high-end consumers”. 

The company also achieved a “significant” reduction in return rate to 15% and maintained discounts at only 7% of gross merchandise value, “underscoring its ability to drive profitability without heavy discounting — rarely seen in the luxury fashion space”. 

2024 was also key for the company seeing “a breakthrough performance in the Middle Eastern market”, where gross merchandise value grew more than fourfold year on year, making it the fastest-growing region for the company. The US followed closely with a 2.1 times year on year increase in gross merchandise value, “demonstrating the brand’s ability to scale efficiently in high-potential markets”.

Last October, almost a year after announcing one seed funding milestone, it announced another, saying its seed funding drive had by then raised $5 million/£4.5 million.

The figure was achieved as it raised an extra $2 million in a round including existing investors (Fuel Ventures with participation from Morgan Stanley and David Wertheimer of the family that owns Chanel). Importantly too, the new round also included H&M Group Ventures.

Founder and CEO Nina Briance said that for 2025, the business is “focusing on key areas such as enhancing its technology platform to deliver a  seamless and more personalised customer experience, deepening its presence in its core two markets (US and Middle East), and staying true to its commitment to share sustainable and ethical practices, to incentivise its brand partners to make improvements on their ESG journeys”.

It also aims to accelerate its momentum “by continuing to attract and curate the best emerging talent”. With over 250 independent designers applying each month and only 10% being accepted, the company “aims to grow its exclusive portfolio beyond the 400 brands it has already onboarded across 46 countries. With 39% of its products available exclusively on Cult Mia and an impressive 98% retention rate for brands, the company is poised to strengthen its position as the go-to destination for unique, high-quality fashion”.

And it wants to drive customer acquisition following a 146% year-on-year increase in 2024.

Briance added: “2025 is shaping up to be a transformative year for Cult Mia as we continue to challenge industry norms and redefine the luxury fashion experience. With the incredible support from our investors and the momentum we’ve built over the last year, we’re focused on scaling our platform, empowering emerging designers, and setting a new standard for ethics and inclusivity in fashion. We’re excited to build on our success in markets like the US and Middle East, and take bold steps towards our vision of making Cult Mia the go-to destination for curated, values-driven luxury.”