- Online furniture retailer Castlery saw 2023 revenue surge 63% to $180M.
- Castlery hit profitability ahead of 2024 targets.
- Castlery focuses on blending online and new offline experiences.
+63% revenue surge
Castlery’s parent company, GFR Holdings, reported a 63% jump in revenue to $180 million for the financial year ending March 2023, led by over 100% growth in the US market.
The online furniture retailer has invested heavily in the US since entering in 2019.
Revenue there has grown almost 13x to become Castlery’s largest market.
Growth in its home market of Singapore and Australia was more modest at 6% and 1%, respectively.
Castlery: US growth 13x!
Declan Ee, Castlery’s co-founder, attributed the US’s success to strong product-market fit enabled by quality, price, customer experience, and fulfillment.
Despite rapid US growth, Ee said Castlery remains committed to improving all its existing markets.
Profit achieved in 2023
The company posted a net profit for 2023, ahead of its 2024 target, even as inflation and rate hikes created macro uncertainty.
Rival direct-to-consumer furniture retailers struggled, with bankruptcies in the US and UK. Ee said Castlery was able to pivot to protect margins.
With no IPO plans yet, the company is focused on blending online and offline experiences, having opened a flagship Singapore store last year.
