Mattress and home goods start-up Koala grew revenue by just 9.2 per cent in 2022, a far cry from the 63 per cent and 48.5 per cent sales uptick it posted in the two preceding financial years.
Start-up Koala grew revenue by just 9.2 per cent in the 2022 financial year – a far cry from the 63 per cent and 48.5 per cent growth it posted in the past two years – as post-lockdown shoppers lost interest in home goods.
Koala co-founders Mitch Taylor and Dany Milham. Mr Milham stepped back from Koala operations in 2020 and has since started grocery start-up Milkrun. Koala’s pitch came a month after it said suggestions it had explored an IPO were “not correct”. The company has since switched its stance to: “IPO is one of the ways we can raise funding and is therefore always a consideration.”
Koala chief executive and co-founder Mitch Taylor declined to comment on whether he expected the revenue growth rate to climb back to the 48.5 per cent plus levels in the 2023 financial year, but said the Australian business was growing and profitable, while Japan and Korea would also grow. “We are well-prepared. If there is financial distress and people relocate, we would like to think customers would come to us [in comparison to higher-end brands like Nick Scali] because we pretty much have the fastest offering on the planet and the quality is the same if not better for a lower price,” he said.
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