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Brands.hu says sales set to double in 2011

Hungary's Brands.hu, a designer label membership shopping site, expects sales to reach HUF 700m in 2011, double last year's, managing director Péter Weiler said on Tuesday.

The site gets a 30% commission on sales, on average, and expects its own revenue to be about HUF 210m in 2011. Operating profit is set to reach HUF 20m.

Brands.hu spends HUF 30-40m on developments each year.

Brands.hu has 600,000 registered users three years after its launch and it wants to raise this number to 1m in the next two years, Weiler said. By 2014, it wants to boost annual sales over HUF 1.8bn, including sales on foreign markets, he added.

Brands.hu is starting its activities in Austria, Slovakia and Romania this year under the name BrandsClub.

Total online sales are expected to reach HUF 170bn in Hungary this year.