Harmonious year for musical instrument seller Gear4Music as it tunes into Europe

No primary category set

Musical instrument and equipment marketplace Gear4Music has had a harmonious year, seeing sales rise to the tune of 43% year-on-year, on revenues of £80million.

The rousing surge in sales has been driven by conducting greater amounts of business in Europe, which saw sales up £35.8million – a growth of nearly 70% on last year. In the UK sales were up 27% to £44.3million.

A crescendo in site conversion rates – which have risen from 2.75% to 3.25% – has helped drive the growth, as has a rise in customers of nearly 40% to just shy of 500,000.

The York-based music retail site sells musical instruments and equipment under its own brand as well as from names including Fender, Yamaha and Gibson. Its business model is predominantly online but it has a showroom in York and has recently opened one in Sweden. It also has distribution centres in York, Sweden and Germany and delivers to more than 190 countries in total. Its strategy is one of growth through international expansion.

“We are very pleased to have grown our revenues from £56m last year to £80m this year, particularly given the heightened economic uncertainty that has impacted many retailers during the last 12 months. We are confident that we are well placed to significantly grow both revenues and profitability during the next 12 months, as margins normalise, and the up-front investments we have made clearly demonstrate their ongoing value to the business.”
Andrew Wass, CEO, Gear4Music

RELATED POSTS..

Poshmark adds retail media Promoted Closet

Poshmark adds retail media Promoted Closet

Manhattan Active Maven pioneers use of GenAI in supply chain commerce  

Manhattan Active Maven pioneers use of GenAI in supply chain commerce  

Kretinsky Royal Mail takeover progresses - Will we see Rico back?

Kretinsky Royal Mail takeover progresses – Will we see Rico back?

eBay UK returns as Love Island sponsor to promote pre-loved fashion

eBay UK returns as Love Island sponsor to promote pre-loved fashion

TikTok Pulse Premiere comes to UK with Sky Sports

BBC Studios, ITV and Channel 4 join TikTok’s Pulse Premiere Programme

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars