The encyclopedia · Strategy & Leadership · Financial decision · 2025
Say Wow tripled revenue in two years — then the luxury discount business ran out of money
Milan private-sale platform Say Wow grew fast off luxury discounts, then hit liquidazione giudiziale in Oct 2025 when profits never followed the revenue
Say Wow S.r.l. · 2025-10-30
What happened
Say Wow S.r.l. was a Milan company specializing in organizing events, fairs and entertainment formats for the general public and for companies, but it was known to consumers for its luxury private sales: online and offline sales of premium and luxury products with discounts of up to 80%. It was founded by Luca Bensaia and Giuseppe Durante, each holding 50%.
Between 2020 and 2022 the company expanded rapidly, tripling revenue in two years and growing its team. But the 2023 accounts showed the rot: revenue of roughly €24.1 million, down 3.3%, a net loss above €560,000, a negative EBITDA of about €570,000, negative shareholders' equity of €288,000, and net financial debt close to €1 million.
Results worsened through 2024 and 2025. Online activity on the company's site and social channels had already ceased before September 2025, and general manager Antonella Masi left in November. On 30 October 2025 the Tribunale di Milano opened liquidazione giudiziale, appointing curator Alfredo Haupt; the hearing to examine creditors' claims was set for 18 February 2026.
Why it happened
- The business grew on volume and deep discounts but never turned that growth into profit — by 2023 the EBITDA was already negative and equity was wiped out
- Scaling a discount model by tripling revenue in two years left no margin for the downturn that followed; when growth stalled, the losses and the debt were already structural
- The founders pushed expansion and headcount while the underlying profitability was negative, so the normal down-cycle of 2023 became a terminal decline
The lesson
A discount business that triples revenue while EBITDA stays negative is not growing, it is buying volume on borrowed time. When expansion stalls, the losses that were always there stop being hidden.
Aftermath
The Tribunale di Milano opened liquidazione giudiziale on 30 October 2025 with curator Alfredo Haupt. Online sales had already stopped before September and the general manager left in November. Creditors were invited to file claims for the 18 February 2026 hearing.
Sources
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