The Cettire Ltd (ASX: CTT) share price is rocketing today after the company announced an expansion in its children's wear segment.
At the time of writing, the Cettire share price is up 6.82%, trading at $2.82 after reaching an intraday high of $2.86 this morning.
Today's uplift is likely to be welcome news for the global luxury online retailer and shareholders, after the company's shares were decimated in mid-June, dropping 21%. The drop in the Cettire share price came after questions about the authenticity of its products and concerns over its business model.
The company markets itself as an online destination exclusively for luxury fashion. On its e-commerce site, it has products from some 500 designers, with brands such as Prada, Gucci, Saint Laurent, Balenciaga and Valentino.
Why is the Cettire share price moving today?
In today's release, Cettire confirmed its category expansion into the children's wear segment. The launch includes a new website vertical where the company plans to host 6,000 children's wear products and will seek to expand its range over time.
Cettire advised the children's wear range was now live, with shipping available to more than 50 markets.
What did management say?
Cettire CEO Dean Mintz said the foray into children's wear increased Cettire's addressable market, and also the spend of its current customers.
The children's wear category is an attractive adjacent segment in the luxury apparel industry. We are excited by the expansion of Cettire into children's wear and see excellent growth prospects for this category.
He added that the expansion "highlights the inherent scalability of our business model, which does not require inventory investment."
