Mysterious online retailer poised to join Young Rich List
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Tech entrepreneur Dean Mintz appears set to debut on this yearâs Financial Review Young Rich list, and may even qualify for the AFR Rich List next year if his online luxury goods business Cettire continues to shoot the lights out.
After raising $65 million in an initial public offering in December, Cettire shares have risen almost four-fold, from 50¢ to a high this week of $1.94, valuing the pure-play online retailer at more than $700 million.
Online retailer Cettire sells luxury goods such as Gucci, Burberry, Fendi and Dolce & Gabbana. Â
Mr Mintz, who established the luxury goods retailer in 2017, owns 66 per cent of the company after selling 50 million shares into the float for $25 million.
Temple & Webster comforts online sofa shoppers
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Online homewares and furniture retailer Temple & Webster became a glamour stock during the COVID-19 pandemic as the big structural shift to shoppers buying online accelerated.
But just five years ago the stock was a pariah. The company was dubbed one of the worst floats of 2016 as the shares lost 85 per cent of their value soon after listing in December 2015, with an issue price of $1.10.
Sitting comfortably: Temple & Webster chief executive Mark Coulter.
Eamon Gallagher
The sceptics have been well and truly discredited. The stock now sits at $9.39 after a volatile week in which it climbed close to $11 on Tuesday following a trading update. It had soared to above $14 in mid-October when a full reopening of the local economy and a return to a near-normal lifestyle were still some way off and the bullishness about ecommerce knew no bounds.