Cettire updates duties policies following market backlash
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The news: Luxury retail platform Cettire has updated the checkout flow on its platform in Australia and the US after conducting a review of its policies.
The numbers: Earlier this month, a report in the Australian Financial Review, which questioned whether the company was paying appropriate import duties, sparked a 20% selloff and briefly sent shares as low as $3.74.
Cettire shares were up 1.93% to $4.23 in early trading on the ASX today.
The context: The ASX-listed company said that due to recent "significant attention on the company's returns policy and treatment of estimated duties", it has conducted a review of its policies and updated its customer proposition in the US and Australia.
Customers will now see "all-inclusive" pricing at Cettire's checkout, and estimated duties will no longer be itemised. Cettire will continue to hold responsibility for the settlement of duties with the relevant customs authority.
The company has also simplified returns in the US to remove any withholding for estimated duties, while there is no change in the returns policy in Australia.
What they said: Cettire's founder and CEO Dean Mintz said: "We continuously focus on improving our platform and are always looking for opportunities to enhance — and in some cases simplify — our offering".
"We believe today's updates not only represent this evolution but also result in a simplified and improved customer proposition," he said.
The source: ASX announcement
