🇭🇺 Allegro's New Move in Hungary
Allegro, Poland's e-commerce giant, is expanding into Hungary by the end of 2024. CEO Roy Perticucci announced this during a recent interview. This expansion follows the successful launch of Allegro’s Czech and Slovak platforms last year, which currently serve over 2.5M active buyers. Allegro's strategy includes using their API to allow sellers to manage listings across multiple countries without creating new accounts.
🇨🇿 Performance in Existing Markets
Allegro’s international operations faced challenges in Q2 2024. Revenue outside Poland dropped by 27% to $87M, with an EBITDA loss of $34M. Despite these setbacks, the company’s platforms in Czechia and Slovakia have attracted 5M buyers across borders, showcasing its potential in regional markets.
🇵🇱 Strong Growth in Poland
In contrast, Allegro’s domestic market performed exceptionally well. Polish revenues grew by 23.8% year-over-year to $550M in Q2 2024. The advertising segment grew even faster, at 30% year-over-year. The gross margin in Allegro’s own store improved to 2.82%, up from 0.58% a year earlier, showing robust profitability.
📊 Impressive Group Financials
Allegro’s overall financials are strong. The company’s Group GMV (Gross Merchandise Value) in Poland exceeded $3.6B in Q2 2024, growing at 11.6% year-over-year, more than twice the pace of national retail sales. As a result, the Group’s consolidated adjusted EBITDA surged by 31.5% year-over-year, significantly beating market expectations.
Will Allegro succeed in Hungary like it did in Poland?
