Il Makiage owner Oddity lifts outlook as it achieves 'record' revenue

Oddity has reported a 28% rise in net revenue to £169 million ($212 million) for the first quarter ending 31 March 2024, driven by profitable growth at cosmetics brand Il Makiage.

The US-based company delivered adjusted EBITDA of £38 million ($48 million) against £22 million ($28 million in the first quarter of 2023), representing an increase of 69%.

Net income totalled £26 million ($33 million) in comparison to £16 million ($20 million) in the same period last year.

As a result, Oddity has updated its guidance for the full year ending 31 December 2024. It expects net revenue to reach £501-509 million ($626-635 million), representing growth of 23-25%.

The company also anticipates adjusted EBITDA in the range of £111-114 million ($139-$143 million) for the full year.

Oran Holtzman, Co-founder and Chief Executive Officer at Oddity, said: "We delivered our most important quarter of the year with outstanding revenue growth and profitability.

"We delivered across all metrics and grew rapidly against the huge and profitable 83% revenue growth we delivered in the first quarter of 2023. Despite market speculation about an industry slowdown, we haven’t seen any slowdown in our platform, not in new users and not in existing users behaviour."

"These results allow us to raise our full year outlook and also to continue to invest aggressively in our future. Based on what we see out there, we believe we will remain years ahead of our competitors, and take significant market share of online."