Hello, everyone. Thank you for joining our 2021 Capital Markets Day. I'm Stefan. I'm the founder and CEO of Westwing. I'm glad to be speaking to all of you today, and I hope you are safe and well. Unfortunately, we can't invite you to our headquarters in Munich today. Hopefully, this is going to be possible soon again. To provide for the best experience possible, we have pre-recorded the presentation today. During this presentation, we will be making certain statements that will be forward-looking. Those statements are based on assumptions we believe to be reasonable but include uncertainties and risks. They are no predictions of future results, and actual future results may differ. We will not have any obligations to update or revise the statements we make today. With me on this Capital Markets Day today are Delia, our founder and Chief Creative Officer, and Sebastian, our CFO. Our Westwing mission has not changed since we started the company pretty much 10 years ago. The Westwing mission is to inspire and make every home a beautiful home. I will now first provide an overview of our unique business model. Delia will then explain in more detail what the Westwing love brand is all about. I will outline our strategy and targets for 2024, 2025. Sebastian will then provide financial details to our strategy. After a quick summary, we'll go to Q&A. On the left-hand side, you will find a Q&A button, so please feel free to send us your questions as we go through the presentation. We will then answer these questions during the Q&A session at the very end of the presentation. To summarize upfront what we will share in today's Capital Markets Day, Westwing uniquely combines the superior profitability of a consumer love brand with the scale opportunity of a high-growth e-commerce business. Creativity is at the core of Westwing. We constantly inspire our customers. Our customers love this and are very loyal. This is how we build our consumer love brand and make everyone a home enthusiast. The growth opportunity is massive in the home and living market of around EUR 120 billion that is rapidly going online. Consumers are increasingly adopting e-commerce, and billions of these EUR 120 billion of spend are going online. We, as Westwing, are building the next level Westwing customer experience as a clear strategy to grow to EUR 1 billion in revenues by 2024, 2025. We are highly profitable and a cash-generating business. We target an adjusted EBITDA margin of 15% in the long term. I will now provide an overview of our unique business model. Our customers' emotions is what drives us. We want our customers to feel comfortable at home, we want customers to create a beautiful home, and we want our customers to be inspired. We are a true consumer love brand. We have built an emotional relationship with consumers. We are part of their daily routine. They love our brand. They love the range of products we offer. They love that we inspire them daily, that we take them on a daily journey through their own homes and other homes. Home and living and interior design are always very emotional. It's never only about what you see, it's always about what you feel. Westwing is unique in the home and living market. We are combining the profitability of a consumer love brand on one side with the opportunity of a high-growth e-commerce business in a EUR 120 billion market. The market opportunity is a field that we play on, so let me talk about that first. We're targeting a huge addressable market. Globally, home and living is a market of EUR 575 billion. We're currently active in 11 countries in Europe, and in those countries only, the market is worth EUR 120 billion. Tens of billions of that are going online in the next years. As we are still at the very early stages of e-commerce in the home and living market, it provides a massive growth opportunity for us, and 2020 gave a glimpse of the unique opportunity as COVID has accelerated the anyway inevitable e-commerce trend, and we are convinced that this trend will continue as we have seen an accelerated and structural change in consumer behavior. Fashion and electronics clearly demonstrate the upside potential for B2C commerce in home and living. The home and living market will further follow in the upcoming years. On this attractive market field that we play, we follow a very attractive and differentiating approach, being a consumer love brand. Being a consumer love brand is highly beneficial compared to standard e-commerce, as consumer love brands do not only over-leverage the growth in the market into market share gains but are also vastly more profitable based on long-term and emotion-based customer relationships. Consumer love brands have a higher customer lifetime value based on brand trust. Consumer love brands have pricing and margin power based on differentiation and emotional purchasing decision. Customers are simply willing to pay a higher price for the products they love from the brand they love. Consumer love brands also have higher marketing efficiency based on less churn, lower acquisition costs, and free word-of-mouth marketing. Customers feel attached to the brand. They want to become part of the brand family. They buy products to feel this close connection. Consumer love brand, consequently, have a much higher profitability than standard e-commerce. As customers stay with the brand for a lifetime, they're willing to pay higher prices, and the marketing is more efficient. There are, of course, several consumer love brands in the world. It's a great way to run a business. That's why we run our business this way. It's also not an easy way to run a business, but the benefits make it worthwhile. All consumer love brands, all of them start with a niche of core customers, with a core of enthusiasts for their product and brand. It's the only way to build a consumer love brand, a core of enthusiasts. Let's look at three examples of some of the very best consumer love brands. They all started with a core of enthusiasts, and eventually used their transformational power, if you will, to make everyone an enthusiast. An important disclaimer, of course, we do not believe we are as great as those great brands, or at least not yet. They do, however, provide a pathway to success. Let's look at the first example, Apple. Apple was built on a core of design enthusiasts, and then the brand evolved that by buying an Apple product, you, the normal consumer, would become cool and a design enthusiast yourself. The brand had this transformational power in itself to start with a core of design enthusiasts and then make everyone a design enthusiast. Nike, another example, was built on a core of runner enthusiasts, runners, and later athletes in general. The brand evolved, and all customers wanted to feel like athletes. The brand had this transformational power to start with a core of sports enthusiasts and athletes, and they make everyone an athlete and everyone a sports enthusiast by wearing Nike products. They literally actually have the slogan, "Everyone can be an athlete." Another example is Starbucks. It actually initially started as a small company selling coffee beans at Seattle's Pike Place Market. It specifically targeted coffee enthusiasts that were interested in high-quality coffee. Over time, the brand evolved, the offering evolved, the brand leveraged its transformational power to make everyone an enthusiast for high quality and on-the-go coffee. This is how all large consumer love brands evolve. Core of enthusiasts, and then transform the market by making everyone an enthusiast. That's what we are doing too. We are targeting a core and an ever-increasing core of home enthusiasts. They are the original enthusiasts, editors in home and living magazines, influencers, style icons. They love our brand. They spread their love. They talk about our brand to friends and their family. They share pictures on social media. They act as brand ambassadors. They inspire others. Thus, the transformational power of the Westwing brand emerges and we make everyone a home enthusiast. By becoming part of our social media family, by receiving our newsletters, by getting those daily interactions with us, that's how they become a home enthusiast, that's how they become part of the Westwing family. Of course, we are still early in our journey. That's, however, where we will continue to go in the coming decades, and that's the power, the unique differentiation of a consumer love brand. Let's now explore in detail how Westwing combines the two worlds of high-growth e-commerce and high profitability consumer love brand. Our customers love our brand and keep coming back to us. They love our daily inspiration, and they also want to spend their money with us. We've shared this statistic since the IPO, and it's still incredible. We make 85% of our sales from customers that visit us on average more than 100 times per year, about twice a week. This also leads based on the loyalty of our customers to best-in-class repeat orders. Our customers are extremely loyal. They keep coming back to us and keep making repeat purchases. 80% of our orders are placed by repeat customers. Another way to look at this is GMV. How much of the GMV that existing member cohorts have done in any year, how much do those same member cohorts are doing the year after? This GMV retention extremely high for Westwing, almost like in a subscription business. As you can see on the chart, our existing members spend on average around 90% of the GMV that they had spent in the previous year, also in the subsequent year. 2020, of course, was special, but 90% is the number that we believe is also going forward, what we would expect. We're quite happy with it. It's the power of a consumer love brand. Even more happy are we about the lifetime spend. Although we're still early for a customer's lifetime spend, so far already, however, the cohort that we had already showed you during the IPO, the cohort of 2013, within 7 years has done an average for any single one of those 80,000 first-time customers of that year, more than EUR 1,300 per customer in GMV. Customers stay with us and keep making purchases over their lifetime. It doesn't stop. As you can see from the chart, it keeps increasing. We do not actually really know what the lifetime spend will be. Looks like it may well be several thousand EUR per customer, but that's the power of a consumer love brand. The constant spend, the very predictable spend trajectory, and the high loyalty that translates into GMV over years and potentially decades. Let us now review our business model. We have built a unique flywheel business model as a perfect model to build our customers' loyalty. It's the Daily Themes, the permanent assortment, the Westwing Collection, and the organic marketing, and they mutually reinforce each other. Let's first talk about our Daily Themes, which is the start and end of our flywheel. It's the core of the core for Westwing. We offer our customers a curated shoppable magazine. That's how we attract our customers and how we build up their loyalty and how we engage with them every day, and they engage with us every day. They love our rich editorial content, and we do not actually only focus on selling the products, but we are storytellers. We engage with our customers, and we offer them products at very attractive prices so that engagement can translate into revenues. In our Daily Themes, we are thus combining uniquely two worlds. We combine inspiration and content with e-commerce. We offer our customers a curated shoppable magazine. They enjoy strolling, browsing through our site and apps every day in the same way that they enjoy reading a magazine, but on top they can buy. We inspire our customers thus every day, and we gradually pull them into our world and build loyalty and brand trust. We have a daily newsletter email where we introduce the events of the day to our customers. These are on average six daily events, and they are centered around themes or brands or special home stories. Customers are excited and waiting for those events every day. They love the inspiration that they get every day. Within that, we offer our customers a huge variety of products. We have up to 300 curated products per event, and altogether 250,000, a quarter million of products per year. We always have fresh and unique products in our Daily Themes, in total, we do that by working with around 5,000 suppliers for our Daily Themes. The products we offer in our Daily Themes are only available in a limited quantity and for a limited amount of time at fantastic prices. It creates a sense of urgency for our customers and a playful fear of missing out. It's exciting, it's entertainment. It's not just shopping, it's really shopping as entertainment. That's why our customers come back every day to check our Daily Themes. The next element of our business model is our permanent assortment, what we call WestwingNow. Here we leverage the loyal customers from the Daily Themes by cross-selling them and upselling them into a selection of bestseller products at very attractive margins. Customers buy products that actually complement the products that they find at the Daily Themes, but as bestsellers. Especially our Westwing Collection offers us with very high margins there. Thus, the permanent assortment is the main driver for our growth and profitability. In addition, we can leverage the customer data from the Daily Themes. We have, of course, information on the products our customers likes and the offering, then we can offer them products that meet their preferences as bestsellers in the permanent assortment. There, then our customers, because it's a permanent assortment, can take considered and planned purchasing decisions. Altogether, we offer them around 15,000 bestseller products that are always available. On top, in line with our editorial curation core, we have over 400 rooms, fully furnished and easily shoppable, available on our site to inspire our customers. Really like a room and you can see the products and you can Shop the Look right there. We call that Shop the Look. Our customers love it. A lot of that is revolving around the Westwing Collection, the third element of our business model flywheel. With the Westwing Collection, we offer bestsellers that are perfectly tailored to our customers' taste and build loyalty to our love brand. It's like our core brand breathing life into a gorgeous collection of great products. The designs are unique and created by our creative team, perfectly meeting our customers' taste. The products are affordable, at very good value for money, and high product quality. The Westwing Collection strengthens our customers' loyalty and uses the customer loyalty to upsell them again. Our customers love these products. This further strengthens also the brand loyalty. On top, for us, with the Westwing Collection, we generate extraordinary margins. We have pricing power from our brand strength, and we have sourcing power from sourcing directly from factories. That is why contribution margin and adjusted EBITDA margin in the Westwing Collection are actually by now 12-15 percentage points higher than our third-party suppliers. An amazing deal for our customers and a huge profitability driver for Westwing. That is why our Westwing Collection is actually our most powerful strategic initiative. We will grow the Westwing Collection further to 50% share of total GMV in the long term. In 2017, it was actually only 12% worldwide. In 2020, we were already at 28% worldwide, and in Q1 this year, already at 31%. We will further grow this share towards the 50% with three drivers. We will increase our customers' awareness and reach of the Westwing Collection. We will expand the categories that our Westwing Collection offers until ultimately it will cover all categories for home and living. We will further push international growth of our Westwing Collection. The last element in our unique flywheel business model is organic marketing. Our organic marketing is the ultimate love brand builder and something that we've built over the recent year and which differentiates us from pretty much every other company. We run daily newsletters, and we have a massive number of followers and viewers in our social media channel. We share some numbers on this slide. We inspire our customers every day with our fresh and unique content that we produce in-house with hundreds of producers. In addition, we focus on search engine optimization, public relations. We use referral marketing where our customers can send invites to their friends. In all of those channels, we focus on creating great content. It's the secret sauce of our marketing model. Our biggest organic marketing channel, as an example, is Instagram, with massive increase in followers. By now we are at more than 7 million followers across Europe, the numbers are growing. This is a statistic that we're all very proud of. Our customer engagement on social media is extraordinary. In Germany, we had the second highest social media engagement across all brands, not just home and living, all brands, only trailing Mercedes-Benz. We actually have a higher customer engagement than well-established brands like Netflix, Audi, and Disney. Quite some company for us and our marketing and creative teams have done amazing work here and continue to do that. That's the focus for our flywheel, the organic marketing, to push that to the next level. The results of that are unique. We generate 94% of our traffic through our own organic marketing channels every day, and only 6% with paid marketing. The main drivers for our strong organic traffic are our daily newsletter and our social media channels. When we step back a bit and say, "Okay, let's compare the organic marketing model with a typical paid marketing model that is prevalent in many e-commerce companies," we are highly differentiated. Our organic marketing model is asset building in a way that's very hard to copy. It provides operating leverage, as was very visible during COVID times. It uses inspiration and engagement as brand-building tools. It sets up sizable entry barriers for competitors. It is both fantastic and very differentiating. We can also see the success of our organic marketing model in our return on marketing investments. We have very rapid payback times of our marketing investment of circa 12 months. Due to the high customer lifetime value, our long-term ROI are even higher. Remember how the chart looked of customers after seven years. These cohort charts that you see of ROI, they will keep going up over time. You can see how consistent the ROI progressions over time are, with 2020, of course, indicating very special times. As our organic marketing model is so critical to our business and so successful, we allocate the majority of our marketing investment into organic marketing. In 2020, in fact, 66% of our total marketing investment was made in organic marketing. Even a significant part of the paid performance investments are leveraging our organic assets. Paid complements our organic marketing by moving new people into this funnel. Altogether, our flywheel is a perfect business model to serve our customers. We provide them with daily inspiration. We have great content and good prices. Our customers love the best sellers from the Westwing Collection, and we have a very effective and efficient way to communicate with our customers through organic marketing. All of this flywheel is supported by a state-of-the-art platform. We have our creative team. We have our in-house technology. We have a scalable and customized operational logistics and our passionate and excellent team. The foundation of our love brand is our creative team of around 200 people by now. It is at the core of our company, is the foundation of everything we do. This is something unique to us. The way we built it is that our creatives are spread across the entire organization, across all business areas, not just in one department. They have the final say in product decisions. They know what our customers love. They have the final say in almost everything that touches the customer front end. Delia will actually share many more details here later on, so I will now focus on other topics. Our brand actually couldn't succeed without our technology platform. Only through that technology we are able to inspire our customers every day. We are a technology company through and through. We have a team of world-class technology engineers. We have a leading-edge in-house built technology platform, and there we use our site and apps to inspire our customers every day. We fulfill millions of orders through our scalable platform. We provide data and analytics for all parts of the business, and we run all this with the highest security standards and increasingly cloud-based. Our customers love our apps and tools and the looks and everything that they see on the site and the app. This really strengthens the love brand with a focus on a beautiful experience. It's an everyday love brand foundation. We're also truly mobile first. This is shown in the feedback we get from our customers. Our app has a rating of 5 of 5 stars in the Apple App Store based on 70,000 ratings. The share of mobile visits at Westwing is at an astonishing 79%. We are mobile first. To deliver our orders, we have also built a logistics and warehouse network in Europe that is able to master the complex logistics that we face in the home and living market. Of course, as you know, our products are bulky, have different shapes and sizes, different breaking points. It's not easy to do logistics for home and living. It's a great competitive entry barrier. In total, by now, we have a network of six warehouses spread across Europe. Our biggest and central warehouse in Poznań, Poland. There we have our Westwing Collection and our permanent assortment warehouse, a Daily Themes warehouse, and a replenishment warehouse. In Warsaw, Milan, and Barcelona, we have warehouses for our Daily Themes. In total, today, our warehouses have a capacity of 110,000 sq m, and we have more than 1,200 staff members working in our warehouses. The capacity in terms of revenue that these warehouses have is EUR 650 million of revenue. In addition, we have more than 30 international and local freight partners that we manage across Europe. Our operations are highly scalable, and we have the option to expand our capacity as we have done in the past at CapEx light investment, and we will later share how we will do that in the future. All our warehouses are supported by our own in-house developed technology platform to really best deliver the products to our customers. Here, there's some pictures from our biggest warehouse in Poznań in Poland for you. It's called ELC5, European Logistics Center 5. It's a wonder to behold. We're very proud of it. Should you ever be in the area, please reach out to us and we'll be happy to arrange a tour for you, post-COVID, of course. As you can see, the warehouse is all turquoise, so that's our brand color. As I said, the creative and the brand is in every part of the company. Another aspect that our customers highly value about our brand is our customer service. We are customer-centric from the core. Of our total 160 team members in customer service, around 75% are in-house agents, and they do deliver an on-brand love brand service. It's fast. The average waiting time in our hotline is only 15 seconds, and 98% of our customer tickets are answered within 24 hours. Truly amazing. We could not make any of this happen without our team. Our team is the key to our success. We are a diverse company with over 60 nationalities and a high share of women. We're especially proud of the high share of women across all levels, even on the most senior level of the company, the executive team and their direct reports, we have more women than men. Westwing is not only led by Delia, Sebastian, and me, but by our very experienced executive team who is covering all areas of the company. Many executives have been with Westwing since the founding of the company in 2011, or for many years. We are all passionate and dedicated to the company. I'm also personally proud that we've made great progress in the share of women in our executive team. Overall, our leadership team and our overall team is what creates the love brand, what creates the business, and I'm grateful to be working with these fantastic colleagues, and we should all be thankful for their day-to-day work. Summing up what I've discussed, our business model is, we believe, vastly superior to standard e-commerce retail business models, as we focus on our consumer love brand strategy and inspiration. We benefit from a high customer loyalty, we have high pricing power, we have a high share of our own Westwing Collection, which is very profitable. Our marketing model is mainly organic, and our marketing ratio is moderate. This leads us all together to a highly profitable business model overall. Summarizing this total section. We are a home and living consumer love brand. We uniquely combine a consumer love brand with an e-commerce business. Being a consumer love brand results in superior profitability, and the e-commerce business offers high growth potential as the EUR 120 billion home and living market is moving online. We have the perfect business model to serve our customers. Our flywheel builds extreme loyalty with our customers, the home enthusiast. Our organic marketing model is highly differentiated compared to typical e-commerce models, and through our approach, we perfectly leverage our creative core. We keep inspiring our customers every day. Our love brand and our approach of being inspirational e-commerce business leads to great results. We have a higher profitability compared to standard e-commerce models. Now I will hand over to my co-founder and our Chief Creative Officer, Delia. She will give you more details on our love brand and how it is being built from a creative core. Thank you, Stefan. Westwing is truly a love brand. We build Westwing as a love brand from the start, and I want to tell you more now in detail why and how we do this. As a consumer brand, it is great to be a love brand. Consumers identify with their love brands, they want to stay connected with the brands, and they're much more loyal customers. Also, they are okay to pay a higher price simply because it's a Nike sneaker or an Apple device. When you have a love brand also, you're much more likely to promote this brand within your friends and family because you're proud and want to be identified with this brand. Love, as we all know, is not rational. It's like in a marriage about emotional connection, it's about creating a bond and nurturing this bond every day. Let me tell you a bit more how we nurture the relationship daily with our customers. First, it's about customer communication. Every day, we send out our beautiful newsletter to millions of customers. Our customers really start their day with the Westwing newsletter because they get so much inspiration and advice, and it's just fun to open it and have this as a part of their routine in the morning. We connect with our customers every day multiple times on social media. We have by now 7 million of fans on our Westwing channels, it's a very personal way to talk and communicate with our customers. In a marriage, I think there is the everyday things, like let's say you make your spouse every morning a coffee. It's also about creating really memorable experiences. This is also what we do at Westwing. Next to our daily things like the newsletter, the social media, we try to make sure that we share memorable brand experiences with our customers. This is, for instance, the Westwing Academy, where our customers get exclusive access to master classes with our creatives about everything interior. Our Delivery Service, something that we just launched, where somebody from the Westwing team would come to your house, deliver your couch, leave you a nice note, a little gift, and just makes the whole receiving your new piece of furniture an actual, nice, memorable experience. Our Interior Design Service, where we have interior designers that would personally design your new living room and make you just a gorgeous space that is truly unique for you, and that is, of course, done with a lot of love. Third, brand advocacy. The cool thing about being a love brand is that you have so many genuine fans. At Westwing, it's our team members and our customers that just really like to be associated with the brand Westwing, and they like to talk about it. This can be in our many Westwing Home Stories where we visit Westwing team members or Westwing customers at home, and they show their beautiful interiors, or it can also be on social media. We have by now so many user-generated content. We have 188,000 pictures on social media that are tagged with our hashtag My Westwing Style, just because people are really proud to show their Westwing furniture, and I think it's just a really new kind of way of showing your interior. If you think about back in the day, you only could show your interior to your friends and family that maybe come on Sunday for coffee. Now you can show it to the whole community on social media and be really proud about it. If you think about it, there is definitely no other marketing channel that is more honest and authentic than user-generated content. The next thing that is super important to us is being really engaged in current trends. Our business model is really perfect for this. Our Daily Themes allow us to be always on top guys, and really try to connect daily with our customers' feelings and needs. Especially now in the pandemic, we were able to really live this with our customers. We were trying to give them ideas and inspiration on what to do at home. We were baking banana bread together or how to create special occasions during the pandemic. Let's say we were giving ideas how to create and how to do a small, intimate wedding during the pandemic. I think it's also in a relationship, really important to sometimes share a laugh. On social media, we try also to be a bit funny, just because it connects. For example, when we had the grumpy Bernie Sanders, we put him on our Westwing furniture, and it was just funny, and people loved it. I think it's just nice, and you connect with a brand that does those things. Also I think in a relationship, you have to give each other sometimes a little bit of comfort. During the pandemic, our influencers and team members really openly talked from their homes over social media, how they're currently doing, what they're struggling with, being stuck at home, and I think this really creates a strong bond. Sustainability. It's something that was always important to Westwing. For example, our boxes are from 100% recycled material. Even the turquoise coating, by the way, is biodegradable. We also do a lot of other things. Like, for instance, when we get a refer a friend from Westwing, we plant a tree, or we recently launched our WeCare label, where we promote sustainable brands, and we do much more, and plan to do even much more in the future. Collaborations is also something that is really important when you want to be a love brand because you want the people that are the opinion leaders in your industry, I would call it now, you want them to have your product. When you are in sports, of course, you want the professional athletes to wear your clothing. For us, it's the tastemakers, the style influencers, the celebrities that we want to have the Westwing furniture in their homes. Luckily, a lot of them are really fans of our brand, so we have a lot of collaborations, and we are in a lot of celebrities' homes and influencers' offices and in magazines like Architectural Digest. Another thing very important for us is emotions. Home and living is something so emotional because if you think about it, in your home, you create so many special memories. You celebrate your birthdays, the holidays, you watch your kids take the first step in your home. It's something very emotional. At Westwing we have never been shy to share emotions and to show emotions. In our visuals, in our language, in our newsletters, videos, we are always very emotional because home really is where the heart is. Now I want to talk a little bit more about our Westwing customers, about the home enthusiasts. Who are these people actually? It's quite simple. It's basically everyday people that just love to have a beautiful home. They love to decorate, they love to decorate seasonally, they like to put up beautiful decoration for summer, for the holidays. They see home and living as part of their lifestyle. They're interested in content about home and living, and they really want to get inspired, they want to see new brands, they want to see new trends, and it's just really fun for them to have a nice home. It's also really super important that it doesn't have to do anything with gender, religion, sexual orientation. No. It can be really everybody, and something I want to highlight here especially, it's also for all incomes. It doesn't mean that you have to be rich to be a home enthusiast. No. This is something, especially at Westwing, that was always very important to me that we have affordable products, so that really everybody can have a beautiful home. With our business model, we really connect so many times per day with our community of home enthusiasts, be it online, but also offline with just simply having the product that they have from Westwing in their home. Our business model of Westwing Collection, permanent assortment, our Daily Themes, and organic marketing, it's just so perfect because it's really woven into the everyday fabric of home and living, from the morning newsletter at Westwing till at night when you cuddle up in your Westwing bedsheets. Everything I told you so far, a lot of retailers could claim, "We are doing this too. We are on social media," and so on and so forth, but there's one thing I believe that is truly unique at Westwing. We are really storytellers. We're not sellers. We are storytellers. We love to tell stories. I myself, I was an editor before I started Westwing, and a lot of my colleagues come from magazines or from TV stations or from blogs. It's just really in our DNA to tell a story. We love it. We love to entertain our customers. We love to give good advice. We love to give inspiration. For example, I brought you here one theme that we did around one of our brand partners, Zuiver. It's a big brand from the Netherlands, and of course, we could just show the products, but this wouldn't be really Westwing. We went to the home of the creative director of the brand. She lives in a gorgeous home in Amsterdam. We brought our customers into her home. We showed how she was having her products in her home. How is her creative process, how does she design the product? How does she style them? This is something I believe that it's really just inspirational. Basically, our customers, their eye travels with us in this beautiful home, and it's just so much more fun than just seeing a plain sofa. Another example I brought you is from this year's International Women's Day. We had actually three female founders in our Westwing Studio, and they were telling about their founding story, why they started their brands, what is special about their products. I just think it's so much added value for our customers, to go on Westwing and not only see a candle, but really see the person that is behind the candle and understand why has this specific candle been created and also get just so much added value about, for instance, a young woman that founded her own brand and just get this story. Our creative team, I want to have a word about this. My creative team, it's around 200 people and growing. We are, I think, uniquely, in a way that the creatives really make the important decisions at Westwing when it comes to the offering. The creatives are spread everywhere at Westwing and also in the not primarily creative departments. We do have a lot of creatives, let's say in buying or in PR. We have a lot of creative people, home enthusiasts that really understand our customers, and this is why we can ensure such a customer-centric retail approach. The heart of our creative team, I would say, is our Westwing Studio. Every day we create so much content there, from videos to reels, to live talks, to live shopping, and so much more that really can entertain our customers on a daily basis. I would like to have a word about our Westwing Collection. That is something to me super important. Just when we started Westwing, it was always kind of my dream to have our own collection. We have it. I can proudly say we sold about 2 million products in the last 12 months. The Westwing Collection now accounts for more than 30% of our group GMV, and I think it's so essential Westwing. Why? The products, of course, are really stylish, but they're also very relatable. They're practical. You can use them every day. They are also affordable, and of course, they have a good quality. One example from the Westwing Collection is our best-selling sofa, Lennon. Lennon is really a favorite from a fashion influencer to your next door family alike because Lennon comes in so much varieties. We have different colors, we have different sizes. You can just really pick what fits best for your home. It looks super stylish, and it's really the most comfy couch ever. Our customers really love the Westwing Collection. We have an average rating of 4.5 stars. By now, it represents 80% of our best sellers and our permanent assortment. To summarize, at Westwing, we really work with a creative-first approach in everything we do, just like the big love brands. The design is done by the creative team, not an Excel sheet. This is really the only way how to click with the opinion leaders, with the home enthusiasts, because they feel that we have a brand that really cares about home and living, that understands what it's about, that loves home and living. Only with this approach, we over time turn everybody into a home enthusiast just because it's fun, we love home and living, and more and more people get just so much excitement and fun about creating a beautiful home by themselves. Back to Stefan with our ambition for 2025. Thank you very much, Delia. I'm now very excited to share with you our strategy and targets for 2024-2025. After a decade in the market, we're now ready to embark on the next chapter for Westwing. We've been working on the formulation of this strategy since the middle of last year, and since we have started sharing it with our leaders and the team members in the last month, we can see how excited everyone is around this chapter. Certainly, I am. As it has been since founding, our creative and inspirational core has been and will continue to be the basis of everything we do. We will actually double down further on this creative and inspirational core. Westwing is and forever will be a consumer love brand with a creative core. Our concrete targets for 2024-2025 are threefold. We will grow to EUR 1 billion in revenues. We will increase our market share in European home and living to around 0.8%. We will do that highly profitably at more than EUR 100 million adjusted EBITDA with best-in-class cash conversion. We will be the most desirable consumer brand in the home and living market for home enthusiasts. The underlying driver to get to EUR 1 billion in revenue is the extremely attractive market growth. We're only at the beginning of the e-commerce potential in the home and living market. 2020 gave us a glimpse into the unique opportunity in front of us as the market for home and living is going online. COVID has accelerated this trend, and we really believe that it will not reverse as the pandemic hopefully winds down over the course of 2021. Just to put the market potential in perspective, each percentage point of higher e-commerce adoption equals an addition of EUR 1.2 billion of e-commerce spend. The potential in the coming years is massive. The adoption of e-commerce actually is accelerated by two factors. Millennials that are already very accustomed to the internet and e-commerce are getting older, and they're entering the age to shop home and living products. Older generations are getting more used to doing online shopping and shift their shopping behavior towards e-commerce, especially also pushed by the recent year where they had to do that, and we believe will continue to do that. Another driver is that technology trends significantly enhance the use cases for home and living e-commerce. Especially augmented reality offers customers the possibility to try the products in their own homes. They can use our products as 3D models in a real-world environment and actually experience the products in their own homes. This improves conversion rates and return rates, it's such a fun way to explore our products and the inspiration that they provide. We're very confident that we, as Westwing, can take a lot of the market movement to e-commerce. Market spend is, of course, not equally spread across households in the market. The top 5% of consumers who spend more than EUR 3,000 per year on home and living, they actually make up 25% of the total market spend. The top 25% of consumers who spend more than EUR 1,000 per year on home and living products, they make up for an astonishing 66% of total market spend. These 25% are the typical Westwing customers. They're passionate about home and living. They love our inspirations. They love our loved brand. They are either home enthusiasts or we will make them home enthusiasts. We will be at the forefront of this market and gain significant market share. All elements of the flywheel business model of Westwing perfectly serve these customers' needs. Starting with the Daily Themes, going to our permanent assortment for planned purchases, our best sellers from the Westwing Collection, and our organic marketing model. We are optimally inspiring and connecting with these customers. To strengthen all these elements of our business, we have defined what we call the Westwing customer experience 2.0 for our 2024, 2025 strategy and targets. This will guide our path to 2024, 2025. The Westwing customer experience 2.0 consists of four main building blocks. First, we will double down on our creative and inspirational core. We will do this with expanding the Westwing Collection by growing our creative team significantly, by pushing the next level of organic marketing, by being first movers in video and live shopping, and by creating industry-best AR, 3D, and CGI experiences. Two, we will set the next level of our customers' order and post-order experience. We will build and roll out our own Westwing Delivery Service for large products. We will establish the Westwing Design Service for those of our customers who want support in their home furnishing. We will increasingly personalize the Westwing experience with regards to products and in-app experiences. Third, we will scale up our business model and platform significantly. We will invest into deeper and greater supplier relationships. We will dramatically scale up our technology team. We will improve our international segment's profitability. We will strongly increase our warehouse capacity. Fourth, by far not least, we will deeply embed sustainability into our operating model. Altogether, this is an extremely ambitious and exciting roadmap. Let me now share some details on some of those initiatives. Our most powerful strategic initiative, and we've shared that before, but it's worth repeating, is our Westwing Collection, and we will significantly further invest here into products, team, design, distribution, marketing, et cetera. Since the introduction of the Westwing Collection, its share of our total GMV has strongly increased, and we already achieved 33% in DACH and 14% internationally in 2020 of our GMV sold in those markets. Group wide, we have reached 31% in Q1 2021, and we are aiming at 50% long term. Our outlook for the next years is here to increase the customer reach and the awareness with our Westwing Collection, to expand our category coverage until we really cover the entire range of home and living categories. Far, we don't even have storage. We don't really have decoration. We can expand a lot, and we will push international growth as we always start with DACH, where it's already very far and we need to push it in the international markets. Another important initiative is our doubling down on our creative and inspirational core. By doing that, we will be a first mover in video and live shopping. As you know from China, live shopping is, there, a EUR 50-plus billion industry, and this format is now gradually coming to Europe. We are the first movers here in the home and living space, as live shopping perfectly fits with our Daily Themes business model. Our customers can watch our live shopping events and directly interact with us. They can like and comment and ask questions about what we show them during the videos. They can then directly purchase the products in the live shopping event. It's like bringing the experience of social media coupled with live entertainment right into the core of a Daily Themes experience. It's like a format that's perfectly created for Daily Themes. Our customers love those live shopping events. They can get inspiration from us and directly interact with us. This builds love of our customers for our brand, and it makes a lot of business sense for us. So far, we have done already 41 live shopping events, and we will significantly increase this in the future. The vision really is to have video and live shopping in every event at some point in time. On the post-order experience, one of the most exciting initiatives is our own Westwing Delivery Service as a true game changer for customer experience. Customers have forever told us that the experience of getting delivered a sofa, a chair, a rug is not perfect, and we want to make it perfect. We want to ensure that customers have an outstanding customer experience with us end to end. This experience then doesn't end with a purchase, where today we hand it over to a third-party provider, but it continues until the final product is being delivered to our customer's home. We will handle the last-mile delivery of large items to our customers ourselves. The rationale here is to provide outstanding customer experience. The whole process will be very personalized and reliable. The product is delivered to the customer's home with our Westwing Delivery Service. Our Westwing team assembles the products, our Westwing team disposes the packaging, and the customers can instantly return the items or even while in their living room, contact customer service for questions. There's real live interaction in the customer's homes with our Westwing team. We've actually set this up as a pilot in Munich since winter last year, and the initial feedback is very positive. We already have 10 trucks going through Munich, covering now a significant share of the Munich deliveries of large items. It's a substantial reason, according to the customers, to purchase again at Westwing. It's a great loyalty builder and differentiator, it reinforces our core and creates the love brand experience also on the last mile side. We are currently working on expanding this pilot from Munich into other cities in Europe and expect a fast rollout in the coming years. Another initiative that we've set up in the last few years, in which we are now pushing very hard to expansion, is our Westwing Design Service. Our interior designers here personally interact with the customer on the phone, over email, over FaceTime, and create an individualized 3D concept for the customers for a price of only EUR 119 per room. The Interior Design Service builds strong customer relationships and brand loyalty, and it has a huge impact on GMV. On average, a customer that buys a Westwing Design Service consultation with us spends EUR 2,200 in GMV at Westwing in the 12 months after the concept was purchased. Compare that to the average spend per active customer of a bit more than EUR 300, you see the massive potential that the Westwing Design Service has. Currently, already, when you put it all together, the Westwing Design Service is generating around EUR 9 million of GMV already, and it's rapidly growing. We're rolling it out to all markets. All customers have started pushing it proactively with marketing on-site and off-site, and we believe the potential is massive. Organic marketing is our next initiative. It's of course, something that we've been doing as a core of our business. We will expand on this with even bigger investment into our existing core channels like Instagram, where we can still grow much, much further, as well as into new channels for social media like Pinterest, YouTube, TikTok, and others. We are confident. Well, actually, we already see the initial signs of that we have what we've created on Instagram. We can actually further intensify and make bigger. Also translate it into other new channels. We really want to weave ourselves deeply into the everyday fabric of our customers' lives and make millions of more people familiar with the Westwing brand experience. This is the core initiative to achieve that. Creatives at our core. We have said this several times before. We will keep this focus. This is what makes us unique. This is what customers love about us. This is what builds our consumer love brand. In the next years, we will literally double down here and increase our creative team to more than 400 team members. This will be across all areas, the creative headquarter team, designers for our Westwing Collection, creators and editors for our social media content, for our e-commerce content in our Daily Themes, et cetera, et cetera, across the whole company. Furthermore, we will need to scale all aspects of our platform. As an example, let me talk about warehouses. To ship the massive growth in GMV in the upcoming years, we will scale up our warehouse capacity significantly. Currently, as said before, we have around 110,000 sq m of warehouse space in six warehouses, which has already scaled up quite significantly in the recent years. In 2022, 2023, we will add at minimum 120,000 further square meters of warehouse space. We will open a dedicated warehouse for large products near our existing warehouses in Poznań, and we will open a new warehouse for our Westwing Collection permanent assortment parcel products, very likely in Germany or very close to the south of Germany. In the further years, we will make sure that we have warehouses for our permanent assortment that we need to grow beyond EUR 1 billion that are ever closer to our customers. Warehouses not only for permanent assortment, for our Westwing Collection, for our Daily Themes. In parallel, we will selectively increase automation in our warehouses, something that is notoriously hard, actually, in home and living, given the various size, shapes, and breaking points of our product, and yet something we will embark on also to enable going beyond EUR 1 billion in revenues beyond 2024, 2025. This is a key initiative. We've already taken significant steps in the recent months to progress here. Sustainability is a very important topic to us and our customers. We have already done a lot of initiatives here in the past. We will keep focusing on this topic. We will actually also talk more about this topic. We will embed sustainability deeply into our business model. We have done initiatives focused on the planet that were focused on our emissions. For instance, our headquarters carbon neutral since 2020, our packaging paper and material usage for packaging to our warehouses already operate at 100% recycled paper from sustainably managed forests in packaging, and our operations, such as waste recycling in the warehouses, product returns, et cetera. We will also roll out the Westwing delivery with a mostly or all electric vehicle fleet. As a further example, order consolidation, meaning shipping products together in one package versus multiple package, even if it takes a bit longer, has been a hit with our customers when we introduced this option to them. Already, more than 90,000 orders have been consolidated in such a sustainable way. We also do a lot of sustainability initiatives for our products. We have special WeCare sustainability events in our Daily Themes where we have run already more than 70 of such events, highlighting sustainable brands in a special place. We have introduced GOTS and FSC certified labels to our permanent assortment in Westwing Collection. For new products in the Westwing Collection, we focus on a high share of sustainable products. Another initiative we do to bring the customer experience to the next level is augmented reality and 3D features. Customers can use augmented reality to try already more than 1,000 products in their own homes and use products with a 3D view. We will keep focusing on those technology trends. They really bring the customer experience to the next level. It enables our customers to try the products in their own home and see how it matches with the room, with other furniture, and really get an experience. We will scale augmented reality to more than 5,000 products, including the majority of Westwing Collection, and we will show those products also as 3D models on the product detail page. Those were only some examples of the initiatives we're doing to bring the customer experience to the next level. Exciting. We're looking forward to working on this, building this, and sharing progress with you. Exactly this will enable us to grow to a EUR 1 billion company by 2024, 2025, and of course, far beyond that. It's not only about the EUR 1 billion, it's also about how our love brand enables us to be very profitable and reach our targets of more than EUR 100 million of adjusted EBITDA and a 10%-12% adjusted EBITDA margin by 2024, 2025. EUR 1 billion in revenue, EUR 100 million in adjusted EBITDA, and 10%-12% adjusted EBITDA margin reached by 2024, 2025. All of that, these 2024, 2025 targets, that's just the start. The long-term opportunity in our market remains massive. At the revenue of EUR 1 billion, we're still going to be a tiny blip in the market, which is EUR 120 billion. We will still have a market share of less than 1%. The picture shows us quite dramatically there's so much more space to grow, and we intend to not give in until we take much more. We look forward to not only talking about 2024, 2025 with you, but way beyond over the coming years. Let me now summarize, however, our strategy and targets for 2024, 2025. The strong and dynamic adoption of e-commerce in the home and living market drives a high market growth for the years to come. We target around 70% of total market spend, and we have defined the Westwing customer experience 2.0 with exciting initiatives which will enable us to grow the company to EUR 1 billion in revenue. We will benefit at the same time from the high profitability of being a love brand, and we will achieve a high profitability of more than EUR 100 million in adjusted EBITDA. Still, we'll be small, tiny in this huge market, and have a market share of less than 1%. The long-term opportunity is massive, and we are just getting started. I will now hand over to our CFO, Sebastian, who will provide you with an overview on our financials. Thank you, Stefan, and good afternoon, everyone. I'm very excited to present to you how our strategy translates into our financial performance, to share and discuss our financial targets for 2024, 2025, and last but not least, to give you a long-term financial outlook for Westwing. Quick reminder before I will start, if you would like to ask a question, please use the question mark button on the left-hand side, and we will come back to you later in our Q&A session. Before we look ahead and discuss how our strategy unfolds in financial value creation, let me start by summarizing where Westwing stands today and recap 2020 from a financial perspective. Westwing has a very strong record of growth. Since 2013, we achieved a GMV CAGR of 29% and reached half a billion of GMV in 2020. Our growth record is even stronger and more consistent in our DACH segment, where we completed the full rollout of our unique flywheel first, and hence benefits from it the longest. As a result, the growth rates in our DACH segment have been even higher, realizing a GMV CAGR of 34% since 2013. In 2020, we were also able to prove how the power of our consumer loved brand at scale results in very strong profitability. We delivered a very strong adjusted EBITDA margin of 11.5%, which is EUR 50 million. We also convert this strong profitability into strong cash flows at a very high cash conversion rate and had a 9% free cash flow margin, which is EUR 40 million of free cash flow for 2020. With that, we are now at a point where we produce significant free cash flows and can finance our growth investments internally. We see it as a strategic priority to ensure not only an attractive, profitable growth, but also delivering a strong cash conversion based on low CapEx and negative net working capital. Let me give you some details what has been driving these improvements in 2020. Firstly, we realized a very strong contribution margin of 29.5% in 2020, an improvement of more than eight percentage points compared to 2019. I will give you some more details on that steep improvement later, but I want to highlight that this attractive contribution margin is very much driven by our very attractive unit economics, and these improvements are mostly of structural nature. Secondly, given the strong growth and the high share of our organic marketing that nicely scaled in 2020, we had a marketing ratio of only 7.1%. Thirdly, in 2020, we were able to prove how well our platform was working at scale and the level of operating leverage we can generate on our G&A cost. Most of our G&A costs are personal costs for technology, our Westwing Collection, third-party buying and supply chain, as well as our admin functions. Overall, the operating leverage resulted in a G&A ratio of 13.3%, an improvement of 6.7 percentage points compared to 2019. As a result, these three major P&L drivers in 2020, we delivered a very strong adjusted EBITDA margin of 11.5%, which is again EUR 50 million. As said, in 2020, we improved our contribution margin significantly. Let me now give you some more color around these improvements. These improvements we have seen in our contribution margin were mostly structural. To be precise, we consider six percentage points as structural improvements. This brings us to a normalized contribution margin of 27.6%. This marks a significant improvement compared to 2019 and serves as a very strong basis for the future. Structural improvements were driven on the one hand by margin improvements. This includes our Westwing Collection share gain, efficiency gains in fulfillment, and overall better gross margins, thanks to our pricing power and improved supplier terms. These effects total to approximately four percentage points and are to a large degree driven by the improvement initiatives that we have started back in 2019 after H1 2019 showed non-satisfactory contribution margins. On the other hand, the structural improvements were driven by scale effects in fulfillment, giving us another two percentage points, the majority coming from our warehouses. Currently, our warehouses run at very favorable utilization rates as we manage the significant increase in shipment volume at higher customer satisfaction with our existing infrastructure. On top of the structural improvements, we benefited from two effects that we expect to reverse over time. Firstly, we have seen a lower inventory-related obsolescence cost. Our inventory levels were relatively low compared to our huge revenues with very attractive inventory turns, and we had hardly any aging write-offs. Second, the return rate in 2020 has been considerably lower compared to historic levels. While we have initiated structural improvements in 2019 to reduce our return rates, we believe a larger share of the reduction was driven by a high share of first-time customers that are returning less and the inconvenience of returning during COVID-19 situation in 2020. A lower return rate has quite a positive effect on our fulfillment ratio, as we do not have to send the items back to our warehouse and process them again. In total, both effects had a margin impact of roughly two percentage points on our contribution margin in 2020. To summarize, we believe our current structural contribution margin levels to be at 27%-28%. Before we jump to our 2024, 2025 targets, let me summarize the big picture of where Westwing stands. In 2020, we were able to prove and demonstrate that we have built a unique and very robust business model that works perfectly at scale, and we have reached a very strong profitability and are firmly cash flow positive. We are now in a stronger than ever before financial position. We will continue to manage the business with a long-term strategic approach towards our vision. Let me start looking ahead and move on to our financial targets for 2024, 2025. We target to deliver profitable growth and to grow our revenues to EUR 1 billion by 2024, 2025. We are convinced that Westwing is positioned very well to capture the market opportunities that we see ahead of us, and we have a clear strategy how to achieve our top line targets. Our target is not only to grow strongly but also highly profitably, and we aim for an adjusted EBITDA margin of 10%-12% by 2024, 2025. Our consumer love brand strategy results in very attractive profitability, and we are committed to realize the potential of that by 2024, 2025, despite the significant investments into growth we will take on the way. Cash generation is and will stay a key focus area of ours. Therefore, we are planning a negative net working capital and a CapEx ratio of 2%-3% to maintain our best-in-class cash conversion alongside our strong profitability. Let me now give you some details how the target profitability for 2024, 2025 breaks down into our P&L lines. Starting with contribution margin. We're targeting 30% for 2024, 2025, which is at the upper part of the range of our expectation for 2021. Improvements will predominantly originate from our Westwing Collection share gain. As Stefan described, the growth of our Westwing Collection is a key initiative here and provides us with a significant margin upside that we realize as we increase the share of the Westwing Collection. At the same time, we will need to invest into our customer and delivery experience. For instance, into our own delivery that we announced today and into our warehouse capacity, reducing the utilization in the years the new capacity goes online. We might also be faced with increasing last mile cost in most of our markets. Moving further down the P&L, we plan to continue to increase our investments into marketing at attractive paybacks. Effective marketing, next to our superior loyalty metrics, is the basis to achieve our growth targets going forward. As a result, we plan for 9%-11% marketing ratio. While this is slightly above our current target corridor, we believe now is the time to invest as the market is moving online at a higher pace. On G&A, we will continue to realize operating leverage based on our scalable platform and at the same time invest decisively into growth and our long-term vision. The growth investments in G&A will mainly center around technology and our Westwing Collection. Summing that up, this brings us to the target profitability of 10% to 12% adjusted EBITDA for 2024, 2025. Yet you should be aware that in the years between now and 2024, 2025, we might see profitability being below the levels advised for 2021, before then approaching the target profitability we have set for 2024, 2025. As we will continue to manage Westwing with a long-term mindset and continue to invest in long-term growth rather than optimize short-term profitability. We will update you on this strategy annually when we set the concrete guidance for each year. Coming now to cash. Our target is to maintain our best-in-class cash conversion. Our strong cash conversion will continue to be driven by negative net working capital and a low CapEx ratio of 2% to 3%. Let me provide you now with some more details on net working capital and CapEx development next to our adjusted EBITDA levels, the key drivers of free cash flow. Let me start with net working capital. Westwing operates with a negative net working capital as trade payables and customer prepayments overcompensate our investments into inventory and our trade receivables. Trade payables as well as customer prepayments will grow roughly in line with our business over the coming years. Additionally, we still have upside potential by increasing our focus on payment terms with our suppliers as we increase our order volumes. These two effects will compensate our planned investments into Westwing Collection inventory. These additional investments into inventory are necessary to improve availability as well as to enable further category expansion. However, as our Westwing Collection business grows, we also target to improve the inventory turns of our Westwing Collection with the 2019 baseline. This is especially possible as we are growing GMV per SKU strongly, leading to higher turns. 2020, however, with regards to inventory turns, was a very special year that cannot serve as the baseline going forward. As a result, inventory will increase, but after some catch-up effects in 2021 and 2022 to increase our availability buffers, it is expected to grow less than our revenues. Trade and other receivables are expected to grow in line with sales but will not have a significant impact. In conclusion, we see our negative net working capital as a key element of our business model and will focus on keeping net working capital negative to maintain our strong cash conversion. Moving on to CapEx. Our CapEx consists mainly of self-developed software and only to a smaller degree, warehouse CapEx. Whereas the technology CapEx will increase roughly in line with revenue growth, we will realize our future warehouse capacity expansions without significant CapEx. Let me elaborate on the financial aspects of our warehouse expansion plans. In our current warehouse setting, we can manage approximately EUR 600 million of revenue, which implies a capacity headroom of around 50% with 2020 levels. Accordingly, we will have sufficient warehouse capacity for 2021, as well as the first half year of 2022. Let me remind you that Q4 is always our strongest quarter, and in Q1 to Q3, usually we do not face any capacity constraints if we are well prepared for the upcoming Q4. To ensure enough capacity for growth and sufficient headroom to operate efficiently, we are planning to go live with new warehouses from 2022 onwards. We will continue to rent our warehouses and the bigger share of the equipment and installations needed to operate the warehouses. With this approach, we will not only be able to significantly increase our warehouse capacity, but also maintain our best-in-class cash conversion. Having shared our midterm targets, let me now give you our view on the exciting long-term opportunity ahead of us. Before we go into the financial details, let me zoom out and frame the massive long-term opportunity. We are building a very profitable business in a huge EUR 120 billion market, which is moving increasingly online and provides very attractive growth rates for the years to come. Even at our target size of EUR 1 billion in 2024, 2025, we will still be small compared to the overall market, with a market share of less than 1%. We are truly only at the beginning and manage our business accordingly, with a long-term focus on the opportunities ahead of us. To pinpoint this long-term opportunity from a financial point of view, let me give you some more color around the long-term financial profile of Westwing. We consider our targets 2024, 2025 as an interim step on the path towards our long-term target P&L. We are confident that we have the right model, strategy, and team in place to deliver attractive growth by outgrowing the home and living e-commerce market in the long run. We are also confident that we can achieve even higher profitability than we target for 2024, 2025, and are hereby raising our long-term profitability target to 15% adjusted EBITDA. While profitably growing, we continue to show best-in-class cash conversion driven by negative net working capital and low CapEx. To realize our long-term profitability target of 15% adjusted EBITDA, we see the following three strategic drivers. There's one, increasing our scale will deliver significant operating leverage going forward. Two, driving the Westwing Collection share to our strategic target of 50% at its very high margins. Three, saving the value opportunity in our international segment by reducing the margin gap we currently see compared to our DACH segment. With those three drivers, we have a clear and very actionable plan how to expand our adjusted EBITDA margin to 15% in the long term. While we are extremely confident to improve towards such profitability levels in the long run, we will continue to prioritize growth above further expanding profitability levels compared to the targets we aim for in 2024, 2025. Let me now give you an outlook how our long-term target P&L will look like on a line level for your financial models. Contribution margin, we're targeting roughly 32% based on higher Westwing Collection share. Marketing, we plan to move towards the 8%-10% corridor that we believe we need for long-term attractive growth. G&A, by growing, we will deliver further operating leverage and reduce our G&A ratio to 10%. With the resulting adjusted EBITDA margin of 15% and our best-in-class cash conversion, we're building a highly profitable, cash-generating growth business. Before taking your questions with Stefan in our Q&A session, let me summarize the key takeaways of the financial section. Based on our consumer love brand strategy, we have reached a very strong profitability of 11.5 percentage points adjusted EBITDA and are free cash flow positive at EUR 40 million and 9% free cash flow margin in 2020. We are investing decisively and profitably into growth to lay the foundations for our long-term success. Our 2024, 2025 target is to grow to EUR 1 billion in revenues and realize a very attractive profitability of 10%-12% adjusted EBITDA while maintaining our best-in-class cash conversion. We are highly profitable and cash-generating high growth business, and we target 15% EBITDA margin profit long term. There are three clear strategic drivers to get there. One is scale, two is to grow our Westwing Collection to 50% share, and three is to seize the value opportunity in our international segment.