Revenue for Q4 2020 decreased to $23.8 million from $30.8 million last year, reflecting the negative impact of the Covid-19 pandemic, including a category-wide decrease in haircare sales and temporary disruptions in its third-party warehousing and manufacturing operations.
For the full year 2020, revenue increased by 7.4% to $116.5 million, which mainly reflects the addition of The Mane Choice, which was acquired at the end of fiscal 2019. Revenue from North America was $110.5 million in 2020, which represented approximately 95% of total revenue in 2020, up 9.5% from 2019, partially offset by a 20.0% decline in sales from international markets, which were predominantly affected by Covid-19 related closures.
Comments from CEO
"Despite an uncertain and extraordinary environment in retail, our business remained solidly profitable and generated healthy free cash flow in 2020," stated Tim Bunch, CEO of Mav Beauty Brands. "Although Covid negatively impacted our results, as it did the total market, the resilience of our business underscores the durability of our categories, the strength and diversification of Mav's portfolio, and the benefit of our asset-light operating model. We were able to quickly react to capitalize on robust online demand, resulting in sales from e-commerce channels more than doubling over 2019."
Bunch continued, “While we will continue to monitor and adjust to the market conditions, we are optimistic that 2021 will present a more favorable operating environment for our retail partners as vaccination rates increase and the economy opens up. We have a diversified portfolio of four on-trend brands that we expect will deliver above-category growth over time."
The company also announced that, effective May 10, 2021, Judy Adam will resign her position as chief financial officer of the company, and Niv Majar, the vice president of finance, will assume the position of interim chief financial officer until a replacement is found.