Cettire, the luxury online retailer, sank over 20 percent on Thursday after it reported a loss for the first half of its fiscal year.

The sell-off that occurred on Thursday, which wiped out $162 million worth of founder Dean Mintz’s wealth, had a significant impact on the retailer’s performance.

For the half-year, Cettire’s revenue rose to $113.7 million, up from $60.9 million a year ago. Its active customers also grew significantly.

The group, which operates Farfetch, is looking to expand its reach in the online luxury goods market, which is expected to reach a value of over $175 billion in three years.

Despite the robust growth, the company posted a loss after tax of $8.3 million, compared to a profit of $2.3 million in the same period last year.

The company spent more on marketing and advertising than it did a year ago, and its merchant fees grew at a faster pace.

During its interim management meeting, Mr Mintz noted that there was still plenty of room for growth.

According to Cettire’s CEO, despite the restrictions on COVID-19, the company was still able to deliver robust revenue growth due to its robust customer engagement.

During the meeting, Mr Mintz noted that the company made significant investments in its brand and product proposition.

Mr Mintz made it to the Young Rich List last year, which is his debut on the list. He is the largest individual investor in Cettire with a 65.9 percent stake.

Cettire currently operates in 53 countries, but Mr Mintz believes that its new online storefront will help expand the company’s reach beyond the English-speaking markets.

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