By rifanmuazin 
Notino, the Brno-based powerhouse that has redefined the digital beauty landscape, has once again underscored its dominance in the European market. In its most recent fiscal report, the company announced an 11.5 percent revenue increase, bringing its annual turnover to an impressive €1.76 billion. As the company cements its position as a market leader, this latest growth trajectory highlights not only its resilience in a fluctuating economic climate but also its strategic pivot toward a robust omnichannel future.
Main Facts: The Scaling of a Continental Giant
For those monitoring the European ecommerce landscape, Notino’s trajectory is nothing short of extraordinary. The company, which operates from its headquarters in the Czech Republic, has transformed from a niche regional player into a continental behemoth. In the fiscal year ending April 2026, the company generated €1.76 billion in revenue, serving a sprawling customer base of over 40 million individuals across 27 distinct European markets.
The figures are compelling: in just four years, Notino has added more than €1 billion in annual revenue to its books. Starting from a base of €737 million in 2021, the company’s ability to scale at this velocity is a rarity in the beauty retail sector. While the 11.5 percent growth rate represents a deceleration from the hyper-growth phases of the post-pandemic period, the company demonstrated a remarkable "second wind." By the final months of the fiscal year, revenue growth accelerated to 27 percent, signaling that Notino is not merely maintaining its lead—it is accelerating away from the pack.
Chronology: From Brno to Brussels and Beyond
Notino’s rise is a testament to the maturation of the Czech startup ecosystem. To understand how the company reached its current status, one must look at the timeline of its expansion:
- 2021: Notino establishes its baseline for its modern era, reporting €737 million in annual revenue. At this point, the brand is already a household name in Central Europe.
- 2022–2024: The company embarks on a aggressive market penetration strategy, deepening its footprint in Western Europe while optimizing its logistics network to handle increased volume.
- 2025–2026 (The Fiscal Year): Notino undergoes a significant leadership transition, with long-time CEO Zbyněk Kocián stepping down after six years at the helm. The company pivots to a collaborative leadership structure, appointing three Co-CEOs to navigate the next phase of growth.
- Early 2026: The fiscal year concludes with a strong performance surge. Despite a challenging start to the year, the final months see a 27 percent revenue spike, proving the effectiveness of the new leadership’s early strategies.
Supporting Data: The Geography of Beauty
Notino’s success is built on a diverse portfolio of markets. While the company is Czech-born, it has successfully localized its appeal across the continent.
Market Distribution
- Poland (15%): The undisputed leader in Notino’s revenue stream. Poland’s large population and high digital adoption rate make it the cornerstone of the company’s European strategy.
- Czech Republic (12%): The home market remains a vital contributor, showing that Notino continues to hold its own in a highly competitive domestic space.
- Italy (9%): A crucial market in Southern Europe, serving as a gateway for Notino’s expansion into Mediterranean retail habits.
High-Growth Outliers
Perhaps the most telling statistic is the performance in emerging territories. Both Croatia and Lithuania recorded revenue growth exceeding 25 percent. This indicates that while Notino is a mature player in its core markets, it still possesses significant "runway" for expansion in smaller, high-growth European economies.
Omnichannel Performance
One of the most significant takeaways from the recent fiscal year is the success of Notino’s physical store strategy. With 27 stores operating across eight countries, the company has managed to turn "bricks-and-mortar" into a growth engine rather than a liability. In-store sales increased by nearly 30 percent year-on-year, proving that the modern beauty consumer demands a hybrid experience—the convenience of online shopping paired with the tactile, sensory experience of a physical boutique.
Official Responses: Navigating the New Chapter
The transition to a trio of Co-CEOs marks a strategic shift for the organization. Jakub Šedý, one of the three leaders now steering the ship, provided clarity on the company’s current standing during the earnings announcement.
"We closed the fiscal year with double-digit growth, outperforming the European ecommerce market while maintaining a strong financial position that enables us to continue investing," Šedý remarked. His statement encapsulates the dual focus of the company: aggressive growth tempered by fiscal prudence.
By avoiding the pitfalls of over-leveraging, Notino has maintained a balance sheet that allows it to invest in infrastructure—such as the automation of its distribution centers and the enhancement of its AI-driven product recommendation engines—without needing to rely on external emergency capital. This stability is precisely what allows the company to pivot rapidly when market conditions improve, as evidenced by the 27 percent growth recorded in the opening months of 2026.
Implications: The Competitive Landscape
Notino does not operate in a vacuum. It finds itself in direct, high-stakes competition with giants such as Germany’s Douglas, Zalando, and Flaconi. Each of these players brings a different competitive advantage to the table.
The German Challenger: Flaconi
Flaconi is perhaps the most interesting case study in the current climate. While it remains significantly smaller than Notino, with annual revenues of €651 million, it is growing at a rate of 27 percent. This puts Flaconi on an aggressive trajectory, forcing Notino to remain vigilant. The beauty sector is currently seeing a "battle for the basket," where retailers are fighting not just for market share, but for customer loyalty in an era where brand-hopping is at an all-time high.
The Omnichannel Necessity
The fact that Notino’s physical store sales are growing at 30 percent—outpacing its overall revenue growth—is a major implication for the industry. It signals the "death of the pure-play" myth. For beauty retailers, the digital store provides the scale, but the physical store provides the brand identity and customer trust. Notino’s decision to continue expanding its physical footprint suggests that the "phygital" (physical plus digital) model is the only sustainable way to win in the European beauty space.
Market Consolidation
The broader implication of Notino’s latest report is that the European beauty market is undergoing a period of intense consolidation. Smaller, localized players are increasingly finding it difficult to compete with the logistical efficiency and purchasing power of retailers like Notino. As the company continues to leverage its 27-country network, the barrier to entry for new startups continues to rise.
Looking Ahead: The Future of Beauty Retail
As we look toward the remainder of 2026 and beyond, Notino’s roadmap seems clear. The company is focusing on deepening its presence in the markets where it already has a foothold while continuing to optimize its supply chain to ensure that the 27 percent growth rate observed in early 2026 becomes the new standard rather than a seasonal spike.
The transition to a three-person leadership team appears designed to handle the sheer scale of the organization. Managing 27 markets requires decentralized decision-making, and by sharing the CEO role, Notino is likely fostering a more agile management style that can react to the specific regulatory and cultural demands of each region.
In conclusion, Notino’s fiscal 2025 performance is a masterclass in scale and adaptation. By balancing the raw power of its ecommerce engine with a calculated, high-performing physical store network, Notino has positioned itself not just as a retailer, but as a critical infrastructure pillar of the European beauty industry. As it faces down German competitors and expands into emerging markets, the "Brno Success Story" seems destined to keep growing, proving that in the world of beauty, the right mix of technology, logistics, and physical presence is the ultimate winning formula.
Evan Lee Salim 
Lina Irawan 