Good morning, ladies and gentlemen. We'd like to welcome you to our conference. We apologize for this delay, but the turnout has vastly exceeded our expectations, so thank you very much for that. So we've called a conference because we've already announced the results more than a week ago, more than a week ago, but because of the winter holidays, we decided to push back this conference. And so we have quite a bit to say, and so we needed to speak with you face to face. So let me tell you briefly, we'll walk through the slides pretty quickly because this is now ancient history. We're rapidly improving the EBITDA profitability. It would have been much better had the weather supported us, fostered our results. We don't want to complain. The results are quite sound.
Here we're showing you that across the group for next year, we want to generate a 20% EBITDA profile. You can see how everything is growing very nicely. Let me go through the main brands. CCC, the leading brand in the group. This is the EBITDA. I know the industry. I know this is something that's quite difficult to achieve because footwear. Well, basically, the profitability is a little bit different from what's happening in apparel. This is a much, this is an impressive result compared to where we were a year ago. Here we're showing a breakdown by quarters. As you can see, this is well-entrenched profitability across the CCC brand. Now we can go on to HalfPrice. This is something, this is a profitability, EBITDA profitability that is just unheard of in the off-price segment, so 23%.
It's the best in our industry, in the off-price industry. And we've been able to improve the results quite substantially. We've improved the annual EBITDA by 10 percentage points. We can say this brand has started to generate some money, and it's started to earn money. If you look at MODIVO, we've been able to restore profitability quite strongly. We had a -6% figure in a quarter, so we're now at 12%. This is a major improvement. We're showing a portion of the synergy effect that we've been able to achieve since Q3, and we're consistently improving our results primarily on the cost side. Basically, we want to have a 15% figure next year in EBITDA in MODIVO next year.
You were concerned a little bit about reduction of inventories, but we can say that we had counted on being able to sell more during the winter period, but we've been able to reduce our inventories. We're focusing on inventories across our channels. Next year, even though the business is growing by 20%, we want to bring down inventories to PLN 3 billion. We believe that the inventories are too high, especially in the MODIVO channel. Basically, the consistent effort to build a fashion group. As you know, based on our press releases, we've signed a contract with the Szopex company, which has three brands that are quite unique, the Warsaw Sneaker Store, and then a running store, and then the basketball player store. We want to build something across the country and the region. We want to have these three stores.
And so I think this is enough. It was in Prague, Budapest, and Sofia. And so the product offering in higher price points. I'll show you that this has a totally different segmentation than our channels up until now. And we're starting to work with new brands. And this is something that's quite important. And so this is what the store looks like in Warsaw, the Sneaker store. And these are some of the pictures from inside. Then you have the Sklep Biegacza. And this is basically the basketball players store. So what's very important to us? So this is the top of our pyramid. So these are specialist products. And we want our brands, our licenses to sell through them. So Hunter, Shaq, Reebok, we want to sell those brands through those channels.
What's very important to us is that we're beginning to work with new brands like Jordan, UGG, UGG, Arc'teryx. Up until now, we haven't had those brands in our network. And so I'll give you a few examples to describe the situation. These are expert shoes, specialized shoes that it would be difficult to sell even in MODIVO or Eobuwie.pl. So this is Reebok, Adidas, Nike. So you're seeing prices of PLN 900, PLN 1,000s, what is, and these products are being sold. But of course, the quantities are pretty important. So the revenue top-line figure is PLN 220 million. So 28% e-commerce. We anticipate that this will grow. So the EBITDA margin is PLN 9 million. And so the transaction value is PLN 28 million for a 75% stake with an average ticket of PLN 600s. And so this is a ticket value that's substantially higher than other brands, so in other channels.
And so, then, what's the plan for MODIVO? So we want to restore the profitability in this group. And so we started some initiatives in Q4. So we have the cost-cutting program, then the business model simplification, and then basically downsizing product portfolios. So we've basically cast aside unprofitable products. This is something we'll be able to see in subsequent quarters. We've also limited this to basically customer service and a photo studio for the whole group. These are group services, but HR, IT, fleet expansion. These are things that will be at the group level. Up until now, all of our brands had basically pretty extensive departments, and so we basically wrapped that up. What are the strategic goals? Three strategic goals for 2025. So we'll have a higher share of licensed brands, private labels.
We want to roll out an omnichannel store network with Eobuwie.pl, and then we have the group-wide joint loyalty club. And this is to expand the profitability. So if we talk about the growing share of licensed brands, so you can see in 2022, it was 8% of our products. This is private labels, then 7%. In 2024, it was again 8%. And so we've always tried to have different products here from CCC. And basically, this is not something that worked out too well. In 2025, we want to expand our own shares. We're going to—all the licenses that we have, we're going to try to use make products of higher quality. Basically, in 2027, we want to have some 55% of sales. Of course, this implies a lot of work. And so there'll be fewer products in the first half of the year, probably around 20%.
And then in the latter half, we'll probably talk about 30%. The target gross margin for licensed products, licensed brands, we're going to have 60% after the discounts and the fees for licenses. And so the brand for—so the margin for private labels is 55%. And so right now, we're at 38%. So we want to bump that up. Basically, we're doing a bad job in terms of how we're purchasing things. So we've renegotiated all of our commercial terms, and we've delisted the unprofitable products. And so basically, we've been able to clean up the portfolio to our advantage. So I'll show you some of the examples in CCC, what's the share of licensed brands. So we can start in 2023. This was children's brands like DeeZee, Disney, and things like that. Then in 2024, we started to add products, the licensed brands, which represented some 18%.
And then this raised to some 22% in the latter half of the year. So we should be in 35% in the first half of the year, and then 50% private labels. And then in the latter half of the year, we want to be at 50%. So the evolution is very rapid, and we want to do the same thing in Eobuwie.pl. And you can see that the margins are quite high on licensed brands. And I'm more than convinced, based on what we're buying, what we're bringing in through our doors, that we're going to be able to sustain those brand margins. So ultimately, we should have a gross margin implied of 63%. This is something that's incomparable when we talk about any other footwear network in the world. Nobody has that many licenses as we have amassed over the last couple of years.
Here, I'll draw some comparisons on purpose. What is the margin we have in CCC? How we want to increase that substantially in MODIVO Group. So the average ticket, even though the margin is smaller, we're earning a lot more on the ticket. And so if you have PLN 115 per unit, and so we want to move from a 30% margin to a 50%. We're not interested in unprofitable business. We're going to try to sell products that are only profitable. Only profitable products is what we're going to endeavor to sell. And at the bottom, I said that 21.5 million tickets, that's the number of tickets we have in MODIVO. If we were to add the average price by PLN 40, and that's easy enough to calculate, that's an additional PLN 500 million of margin.
Of course, in the business model, probably sales will fall by around 10% because we're preparing to have our own club, having customers in our own stores and be selling to them, and so not necessarily will we be selling partner brands where we've not been able to achieve satisfactory margins. Here, I wanted to show what things looked like in 2024, so I'm talking about all channels right now, so we have 29% of private labels and 12% licensed brands, well, HalfPrice hasn't benefited from any licenses, so 10% should be transfer of our products, 45% should be those licensed goods, and 45% should be branded products because that business can't be run without recognized brands, so in CCC, it's 10% private labels, and then in Eobuwie.pl, we're talking about the sale of brands. Having in mind that 40%, those are also licensed brands.
And so we have to cooperate with our brands, partner brands. Everything else is done on much better conditions. We've renegotiated all of the commercial terms. And the group target is to have 55% high-margin products being sold. And I think we'll probably need a maximum of two years in order to achieve that target. So then we go into item two of this approach. We're talking about our own physical stores, omnichannel network. So I would remind you that as e-commerce, we're the only one that has an omnichannel approach for selling in both channels. Well, the same products are basically being showcased in e-commerce as well as in shopping galleries. And that means we're able to become recognizable very quickly. And we can say over the last two years, e-commerce has stayed at the same level. So 9%, but in the fashion group, it's 22%.
But what's important here, nobody has a physical brick-and-mortar store with products. No strong e-commerce network. Well, they don't have a brick-and-mortar network. There are some individual cases where they might have a store or so, but they don't have a chain of stores. So the model that we've had up until now, that's 52 stores. Well, it's stopped earning money. So for one specific reason. So basically, these slogans basically don't really capture attention. So that within three minutes, you can bring in the shoes within three minutes. Anything you can choose on the tablet. Well, that hasn't made a big impact on customer behavior. So 60% of the transaction are through internet orders. 60%. In order to generate 60% of sales, we had to order 6x more. So they were only basically picking up 16%.
So we calculated that 40% of the customers didn't even come to pick them up because they hadn't physically paid for those products. Of the 60%, that only a portion of them ended up buying those products. So we spent PLN 80 million for a customer to buy the shoes, of which PLN 65 million for traffic. And then we had to pay quite a bit of money for the transport. And so they were ordering 10-15 pairs of shoes, but they were only buying one. So the business is not profitable. Had we spent that PLN 80 million on payable traffic, we would have had additional margin. It's not a big cost to replace these stores. Primarily, it's furniture that we have to replace. As you can see, this is not some sort of boutique store.
We don't want to scare customers because every town with 70,000 inhabitants will have a store like this. We're talking about Ełk, Zamość, Przemyśl, Łowicz, Siedlce. So these are towns where we normally wouldn't do a boutique. What is Eobuwie.pl's difference? I think Bulgarian turned on. But CCC is the main ticket. These are shoes up to 300 PLN, so 300 gross. So here, we'll have shoes being sold for 300-600 PLN primarily, but in some cases, it'll be up to about 1,000 PLN. And these are going to be brands that you wouldn't find in CCC, plus our most important brands like Gino Rossi, as well as the higher licensed brands in terms of higher because of the price. So 60% of the shoes and 30% bags, we've been observing a lot of success in these bags. So we started at 6%. In recent weeks, it's 15%.
So this is something that we're selling up. So we can say that basically the sales of bags have saved the softer sales of footwear. So there are no returns. There are no orders, I mean, returns. And we're basically selling per units. So you have to have 12 pairs to have the full range of sizes. We have very high margins on the bags. So why am I so certain that these stores will earn money? I'm hoping that the customer will give us a big premium, that this type of store doesn't exist. So basically, we have CCC, we have monobrand stores. So in one location, one venue, I want to have 50-60 well-known brands for retail sales.
We've had stores like this in the past, and it turned out we closed a store like that in the past, of course, in response to my instructions, but that was a mistake. That was a mistake, and so we had the laptops, technology, it was modernity. We wanted to be a modern company. And that store was something that bothered us for a number of things because people were making some mistakes. They were congratulating us for that store at one of the openings, but that's not the idea. It was something that was supposed to be opened quietly. We opened it up in Zielona Góra. This doesn't have anything to do with segmentation. You can see some backpacks, but if we look at the sales per sq m, this is something that's very good. We were selling PLN 9 million in sales, so it's almost PLN 26,000 per sq m.
We had others that were at PLN 5800 . Of course, there was a crisis. Now it's PLN 9,000 per square meter in smaller stores. But as you can see, in the model, we assumed that we would have PLN 12,000 in our sales. And that's something we can achieve with MODIVO. What's important here? The margin. We had a margin of 38-39%, but the EBIT is 17%. That's PLN 1.5 million in profit in one store. That's just Zielona Góra. So we're counting that retail stores will be above the average margin that we'll have in MODIVO at 50% because we're going to have more of our own products, so licensed products. That's the case in stores. You're selling what you showcase. E-commerce has a totally different approach. Basically, they're clicking on brands, but in stores, you buy physical products.
We're assuming that the average store size will be around 450 sq m. We have to have 50, 60 brands. Half of those brands will be our own brands. Our representatives will have a larger number of models. Gino Rossi, Badura. This is not a store for Jenny Fairy, Sprandi, or Lasocki. This is for higher, more expensive brands, 300 PLN and above. At a 50% margin times a higher ticket, that means you'll have a much better return per ticket and we'll have a more effective return on our investment because we've been able to rent these stores, lease them out on good conditions. We have the fit-out, so we're able to have a new network of stores for Eobuwie.pl very quickly. There's nothing like this across Europe in this price range. It's either boutiques or everybody's thinking about e-commerce.
But you can see that only 20% of sales comes from e-commerce. Why? Because there are no stores like these. So customers from smaller towns have to buy through the internet or travel to other cities. We're going to be in Jelenia Góra and Gorzów Wielkopolski. And then we can always count on around 200,000 inhabitants in the catchment area. So I really do believe in these stores, as well as all the stores that we're running. Here's our ambition in terms of our stores. So we want to replace 52 stores by June, and we want to add another 20 stores. So we want to rebrand these things. In subsequent years, we're going to be adding 70 stores. We have a pretty clear plan, and I think we'll be able to do that pretty quickly.
In 2027, we want to have 208 stores and reach PLN 1 billion in revenue on our brick-and-mortar stores. A very profitable undertaking. This should be a profitability above what we'd be able to generate in a pure e-commerce approach. Of course, returns free of charge. You can have the payment for returns in Eobuwie.pl. We can test a number of different solutions. Then we have the loyalty club in MODIVO, which will take over all of the channels. This is going to be something quite important. The average floor area would be 450 sq m . The third item whereby we want to improve our profitability in MODIVO, we want to have the MODIVO group on the 3rd of April. We'll launch the new club. We'll do quite a bit of marketing. Today, we have 21 million club members.
17 million are active. Here, we've shown you a pyramid of sorts. It's very difficult to draw conclusions because customers overlap. So 600,000, 400,000. So we should add some new club members. Everything will be a single club at the end of the day. And the effect will be this will be a matter of benefits. So if you buy something from CCC, you'll get a discount or a cashback and HalfPrice or WSS. Here, I can say I'll come back to that fee in just a moment. If we talk about MODIVO, this is a platform that generates benefits. And there are real benefits. If we had e-commerce platform in different countries, and then we had one warehouse with just these boxes. So we went into e-commerce and HalfPrice. Then we started to send out glasses and stools. So we had a lot of packaging.
Today, we have a single box, and so this is just our e-commerce, and this is modivo .com, and so you can join us. This is the platform of benefits. You can get the cashback per the card, and you can have then expenses you can make in other brands, and so all of our people will be dressed the same way, so HalfPrice people will be dressed differently, but all of our full price brand networks, so Eobuwie.pl, WSS, WSS, they will basically advertise the MODIVO club. We'll have one single bag to carry things, so basically one box. It'll be easier. It'll be a little bit more difficult if we want to change something because you'll have to throw everything out, but we're talking about millions, maybe even tens of millions of zlotys per year, so we'll have a single gift card that will be sold.
We had a separate one in HalfPrice CCC. And then we combine things. And now we're going to have a single MODIVO gift card under the MODIVO club. And then you have the gift club. And then you have the MODIVO club. And then you have the gold club and the standard club. So the gold club will be 60 PLN per annum. But it would authorize to buy things in all of their networks with a 10% discount. So it's going to be a cashback that goes through the card. So as a company, it's going to cost us 4% instead of 6%. It's a customer that was spending 50 PLN was getting 120. We'll spend an extra 120 PLN. So we want the customers to be thinking about our brands. Of course, we're going to do a television campaign, a strong campaign, radio, cinemas, billboards.
So tens of millions of zlotys over a few months. But this is much less expensive than buying traffic for a fee. So it's several times less expensive. We want to generate organic customer flows. We do 120 transactions in our stores. We're probably going to bump that up to 200 million in our brick-and-mortar stores. And these are the customers we want to bring in through the doors. So here's a 10% cashback through our club. And then we'll have tramway stops, bus stops, anywhere we can develop that. So we have to do that very quickly to make sure that we'll be the owner of these customers in one single closed cycle. So we'll have basically various types of incentives, customer referrals, things like that. And then basically we'll have these leaflets encouraging people to join the club.
Each one of the networks will have its own sort of app. A lot of people, the statistics are that a large percentage of the customers actually look at things on the internet before they walk in through the door. Then you can choose the channel as you wish. Or you can select MODIVO Premium. But then you have the benefits platform. One of the campaigns that we're going to run is that with our high first margins, we can allow ourselves to get rid of some of the brands that maybe don't rotate so well with a 50% discount. At a -50%, we're able on the licenses to retain a 60% margin. That's quite good. We can show our brands. We can show anything we want. Our internal brands or the shoe brands.
We're going to have one strong platform, commercial platform, e-commerce platform. And so people have to agree to work as partners. And so when we have partnership, that means we earn money. Partnership, that's the only case that happens when we earn money. And so this shows you how things could work. And then if we're in the CCC, we can drill down to CCC. And these are the brands that are offered through CCC. Here, we would not show the high brands. So we have a unique loyalty program, an online channel platform. This is basically the overall look of that. Online sales only through MODIVO, a single platform and a single loyalty program. Here, we have HalfPrice below. We're not saying that we won't return to e-commerce sales through HalfPrice, but this is not something that will happen this year.
We have to basically master all of that. I'll happily sell licensed brands through e-commerce if 50% of our sales will come through these licensed brands. Sometimes you buy things or you don't buy things, so you have products that are sold less frequently. We're going to sell licensed brands at a high margin, then we can actually add different colors, blue, navy blue, black, and so now, in order to handle incoming products, you need to spend two zlotys per unit just to put all the conditions that have to put on the labels and things like that. It's a pretty time-consuming process. We want to automate most of the processes. Logistics will be much less expensive, then we have the benefits that will be offered. These are the benefits that will be offered to our club members.
So the gold club member will have a 10% discount in the form of a cashback. And then you have friends and family. So I think for PLN 20, if you buy it for PLN 60, then you have three chances to invite somebody else to join the club. And that would be an additional PLN 20. And so basically, 30-day return window. So there's no obligation to accept returns. So we don't want to spend money. I'll tell you a little bit how much money we're spending per annum. And so then you'll have the deals. So discounts up to 50%. So gold. Then it'll be to the normal club members. And then the third order, all other customers would then have access to these MODIVO deals. What I want to do is I want to unify corporate communication. Maybe you know, maybe you don't know.
I'm telling you that we have CCC EU. This is a company that's importing for all of our channels. So in Eobuwie, it'll be strange if CCC will be named as the importer. So we want to change the names to MODIVO EU. So basically, in all of our labels, we will have MODIVO EU. And so all of the companies. So if you have on the ticket, you have Eobuwie, and then you have CCC in the Czech Republic on the ticket. And so we're going to change everything to MODIVO. And basically, we'll change all of the names of these companies that would be MODIVO Czech, MODIVO Slovakia, MODIVO Hungary, and so on and so forth. So basically, this will pick up the pace. Right now, all of the names of these companies are totally different in each country. So that's why we want to unify everything.
So we can say each one of those pages was actually being advertised. So we want to have now one single platform that will generate scale. So this is our ambition to improve our profitability in MODIVO. As I'm showing you in our plans, we had assumed that we would basically fall a bit. We're not going to enter into a race that we're going to be losing money. This might not happen, but we decided to factor that into our projections. So this is what's happening with the revenue of the top line. Then we have the gross margin. It's a little bit higher because we have additional services. Customers are going to be paying for the packages and things like that. But we want to improve our margins by leaps and bounds. So we've negotiated better returns with our partners.
Every year, we want to basically increase that gross margin. By 2027, we want to have a 50% gross margin. This will, of course, lift our EBITDA. It's quite a bit of money, but this is what's going to happen. This is pure mathematics. At the end of the day, we had to do valuation. Not we, but say the company, an external company. But we didn't go overboard. Please imagine that CCC will do e-commerce sales. It's not in the plans to do it through Eobuwie.pl. So that's more than PLN 700 million in e-commerce in CCC. We're expecting PLN 1 billion. And that should bring us up to that revenue target. In terms of basically, MODIVO will pick up the revenue from that payable club. We assume that we're going to be able to encourage some three million customers to join.
That should give us PLN 180 million. Then we have CCC's e-commerce. It has a 60% EBITDA margin after covering all of the head office costs. It's 22% at the end of the day. It's a pretty decent profitability level like on our own products. This is something that will dwell in the final result. This is not something we haven't recorded or factored in. A lot of things are going to be happening here with WorldBox and MODIVO. Then basically, if we look at the next steps. We have to have ambitious goals. We have ambitious goals. That's what we've set up here. This year, I assume that our growth doesn't have to be spectacular because we're cleaning up Eobuwie.pl. We're backtracking the stores. We're opening at 70,000 sq m .
That won't give us such a big upward impact as the stores will open in subsequent years. But that'll be more than PLN 12 billion in revenue. And then we want to have the 20% EBITDA at the end of the day, which is our goal. Our target goal, we don't have less than 20%. And then we would be opening this year more than 300,000 sq m of sales area, so floor area. So if we follow that path, if the plan is done, so we'll have 250,000 sq m of new floor area. And then we'll be able to get to PLN 2.5 billion. So it's February. We've got contracts signed for 310,000 sq m . So we can assume that 10-15% might be pushed back until spring of next year. So we should open up quite a bit of new space. That's 60% of HalfPrice.
HalfPrice is 2000 sq m-2500 sq m per store on average. We'd have to open. We'd have to open quite a few Eobuwie.pl stores to catch up that. HalfPrice is expanding quite quickly. It's going pretty well. I thought it was going to be more difficult. It's not so easy to find a commercial premise of 2500 in a good shopping mall. It can happen. Sometimes it has to transpire. Somebody has to step back. These are shopping malls that have already been created. And it's easier to open CCC or Eobuwie.pl as opposed to a large area store. These are plans that factor in only additional floor area. It doesn't include franchise stores. We have a lot of offerings from abroad. It doesn't include wholesale. We have a lot of offers from abroad. They want to open up franchise stores.
We're not sure if we're ready for that. We're considering that big organizations from across the world are coming in to see us, so partners who are many times larger than we are, they understand that this is a network that they can generate money on. So right now, to be frank, we can give a margin of 58% to our partner. We understand that our partners have to earn money in order to invest more money in opening new stores, so we can give a high margin, and then we'll be able to earn quite a bit on wholesale. So this would be substantially above our EBITDA target level, and so we're going to be opening marketplaces where we want to sell our licensed products, so wholesale sales as well as franchise sales. Okay. Let me give you some information. I can tell you these results, the licensed brands.
Well, in CCC, this is starting to be big. It's going to get bigger. In Eobuwie.pl, it doesn't appear. And at HalfPrice, we don't have it. And WorldBox hasn't really been opened. So all of this is going to function in all of our channels. The business we've done up until now, this is having a better product with a higher margin, with better production costs, with a higher quality product, and the costs that we have limited in the company. But if you ask me, there's a lot to be achieved yet. I can tell you a little bit about some of the next steps for this to be more transparent to you. If we look at returns, complaints. So we sell products for PLN 12 billion net. So 1.5%, those are complaints or returns. That's 100 and somewhat million.
And so basically, every single brand has been handling this. So basically, we're selling some stores, sorry, shoes that came back to the stores per kilo. So I've centralized that. We're looking at every single pair. And so I think 20% is something I can get some savings. Maybe 50%. We have some sales channels. Off price, we can do basically, we can try it. We don't have to sell shoes for a zloty. Then if we look at financial costs, PLN 50 million. A lot, not a lot. We've refinanced. That's PLN 22 million savings. We have a new range of factoring. Perhaps, generally speaking, the costs will fall. So I'm thinking that's some PLN 50 million. So if we look at logistics, we closed the store in Romania. That's PLN 24 million. It's a good thing that we hadn't opened two stores in Romania.
So I think in the processes, in logistics, we're going to be able to save around PLN 50 million. Then we have reserve and collect PLN 80 million. That's something that we lost on that unnecessarily. IT elimination of unnecessary projects. That's PLN 80 million. We had 550 IT guys, and so now we have 300. So we have one single IT department that deals with the most important projects for the network channel. There used to be a race who had better technology, who was doing more projects. Projects weren't being completed. They took too long. They were too expensive. So that's PLN 80 million in costs. Then the org structure in MODIVO, roughly PLN 80 million. We're going to spend less on the management in MODIVO. The first result was in Q4. That was a PLN 15 million savings.
We think that we're going to be able to spend PLN 80 million less in MODIVO next year. We're talking about HR costs. Those guys were doing projects as well. And so it was difficult to master what was going on there. Performance marketing. This is where we want to save money. We had big numbers there, big figures. PLN 700 million. I assume that we're only going to save PLN 100 million today. Well, performance is something that gives us pause. Should we cut it off as much or compete with the market? Because with high margins, it's certainly something worthwhile considering to do additionally. But we have to take a very calm approach to that subject. Then we have subscription proceeds. I wrote PLN 100 million, but we're thinking it's going to be PLN 180 million. Then we have refunds to the club cart.
If you imagine in our network, well, it's 72.69%. That's what the amount of returns. We were accepting all of the returns in stores, so PLN 560 million. So that was 7% of our total retail sales, so if you can imagine that 30% of the customers were actually buying those shoes, the other 70%, we don't know what happened. Did they come later to the customer or neighbor, the customer's neighbor coming in and buy that? So that's a few hundred million zlotys, so PLN 560 million minus 30%, that's PLN 400 million, and the average margin in HalfPrice in CCC is 55%, so it's PLN 240 million. That's the amount of money that we gave to customers. We didn't even know if that customer would ever come back and buy anything, so we don't have an obligation to accept returns in our brick and mortar stores.
We're going to give money back through the card. This is something that started to happen. Can the Consumer Protection Office, can we do that? We're doing everything according to the letter of the law. This is something that we can do. That's another PLN 100 million. I wasn't really trying to sum up because there's a lot of synergy, a lot of savings. This is something that we will clearly deliver. I think we'll probably do all that this year. Now I wanted to confirm to you that I want to share money with the shareholders. It's going to be no less than 25% for the 2025 financial year. What's going to happen later, we'll give you information about that later. Why have we decided not to do the IPO? With these changes in the business model, it's necessary.
We don't need a company that's listed on the stock exchange that's under or reporting to a subsidiary of another listed company. That would take too much time to deal with the minority shareholders. So if the customer has been brought through the doors by CCC, but the payments being paid to MODIVO, should MODIVO give us 90% or should it give us 60%? We would have this conflict of interest. Where is the center of profit? In which network? So we need to have full unification of the customer base for this to be a successful undertaking, and then we have to have a joint loyalty program, and so we want to have an optimally enhanced management of the group. Optimal management. We want to maximize the financial performance of the group. So MODIVO will be a single, strong e-commerce platform for the group.
Having a distributed shareholding would be at odds with this consolidation. So maybe I can ask Karol at this point in time to say a few words about what's going to happen next. So thank you very much. Good morning, ladies and gentlemen. As we've said, we believe strongly in the full operational integration of all of our brands. So operational integration is what we're going to do with our brands, with the club. So we had the number of customers in those big circles. So basically, we can say those circles don't overlap sufficiently. We have customers who are buying footwear. And in subsequent years, we want them to buy more from us in jeans, let's say sweaters, as well as jackets. And so basically, these circles should overlap to a greater extent. And that way, we'll be able to drive upwards the income per customer.
You can't talk about integration unless you have full equity ownership across the board, just the reasons that the CEO mentioned, so we've made the decision that we need to buy out that 22.81%, which is in MODIVO S.A., and we're going to actually buy out those other shareholders. We have four contracts that we've entered into with four minority stakeholders, so for the 22.81%, we have a PLN 1.358 billion, which gives you an implied valuation for the 100% equity stake of PLN 5.95 billion. And so thinking about different structures, how to finance that, but the best would be a simple rights offering, and that's what we want to propose to the shareholders at the shareholder meeting that we've decided to convene today. We're calling that shareholder meeting today.
And so if we at the one point, let's say it's PLN 1.4 billion instead of PLN 1.358 billion, that's what we need from this rights offering. We have PLN 500 million declaration from Ultro. And that means we would have PLN 900 million that we need to capture from the market. And so this will be the management board. I'm going to want to participate in that rights offering. And then add PLN 5 million zlotys. That's my personal investment, my personal stake. And so we can say that pool will be a little bit smaller. Of course, that's a little bit of a joke. But let's go on. So we want you to have comfort in terms of two shareholders. The largest two shareholders in MODIVO, which had the biggest appetite. They have seen how the share price of CCC has grown.
We have special terms for them that we would pay PLN 650 million for 10% equity stake and then be warrants to be issued, so if the share price exceeds by 50% in terms of the price we obtain as a result of raising equity, and so this is a two-year warrant instrument. This would give them the right to convert those shares at the share price, just at the same price as other investors, so it's a win-win for everybody. This structure, in fact, would be possible thanks to Ultro's decision that it's going to be able to convince other investors that this construct is a good construct and they'll have a certain level of return. We've talked about that in the current report. Ultro has given certain assurances.
This has contributed to their positive decision to participate in this transaction, this deal on these commercial terms. We believe that this is a good parameter. It's a win-win solution for the parties concerned. The share price, we're going to issue up to 10 million shares. The final size of that offering will be adapted to the amount of money we need. Basically, the number of shares that we need to issue in order to acquire that PLN 1.358 billion, we're talking with brokerage houses based on this recommendation. If there's going to be an over-subscription, then we as a company will be ready to issue an additional one million shares. It's not the priority.
Basically, we want to finance this transaction in order to buy out those other shareholders and move forward and then basically move in the direction of full integration at full steam ahead. What's also important, if we're able to obtain additional funds from that additional one million shares, what we want to do, we want to accelerate the HalfPrice growth. We have a specific target we want to use that money for. I think I've said everything we wanted to say about the rights offering. I can't hear the question. So basically, we have to make the bonds, I guess, we'll probably refinance those bonds once they become mature in basically a year, and we'll be able to refinance at a lower expense. Not something we're going to want to take advantage of. Then there was Series B that was mentioned in the press report. That's the next slide, so.
So thank you very much. Let me give the floor now to Wiesław Oleś , who is the chairman of the Supervisory Board.
Welcome, ladies and gentlemen. I'm the chairman of the Supervisory Board at CCC. I wanted to tell you a little about Series P and how the Supervisory Board wants to ensure the stability of management of the company in the context of these plans. From the point of view of the Supervisory Board, what's critical over the next five years is to ensure that Mr. Dariusz Miłek will be the leader, which means we'll have a new strategy that he's going to be capable of implementing that strategy. But as we saw a moment ago, he's going to add additional money to the company.
From the point of view of the Supervisory Board, we had one important problem because he's not interested and he's declared that publicly in terms of obtaining revenue, so compensation. We wanted to make sure. I've been with CCC for many years and I remember that Mr. Miłek was not a management board member, so we wanted to look for different solutions. We want to make sure that he stays in the management board. That's why we have a concept to set up an option program. This should be a program that's addressed to Mr. Dariusz Miłek, so this should be for motivation and incentive program for the next five years, but he should also be able to use this to have an integrated team, so we'll have an issuance of subscription warrants. First of all, this will be for Mr. Dariusz Miłek.
They would be convertible into equity depending on a single parameter. It will depend on the market cap of the company. So during today's presentation, we've said that we want to grow the market cap by at least 50%. And so the first criterion, so these warrants issued to the CEO, this 300 PLN per share. So the number of convertible warrants will grow as the market cap grows, so share price grows. So we have far-reaching goals. So our program would be fully achieved at a share price of 1,000 PLN. So these will not be shares issued free of charge. It's 200 PLN. So if you look at the figures over the next five years, having in mind the best scenario where the price is 1,000 PLN per share. And so basically, the dilution is 3.48%.
A max of 5%. 50% would be issued to the CEO. The other 50% would enable him to be the leader. And he would define the team with the consent of the Supervisory Board. The model we've thought up has one assumption. So if all of the shareholders earn money, and they earn quite a bit of money, then the CEO should also earn money. And we believe that this approach is in our joint interest. And it seems it's an ethical approach. Do you have any questions about the proposal as presented? So thank you very much for your attention. So then I'll give the floor microphone back. So I think we've said everything. Let me add at this point. Maybe this is a bit of a bet. Maybe not really a bet.
But for the next five years, I have to work arduously in order to deliver this program. These are not easy numbers, but it is doable. Our model does allow for this to occur. And it would be a shame not to leverage that for us to be one of the examples of a Polish company that's capable of generating, achieving success not only in Poland, but abroad as well. The more I look at that, the more I believe in it. That's it from my side. So thank you very much for your attention. Are there any questions from the room? Good morning. Thank you very much for this presentation. I have several questions in terms of wholesales. What was the value of wholesales in Q4? What's the planned target figure for the whole year? Too little.
So in the upcoming weeks, I'll receive a lot of good information from my partners that I'm going to be able to distribute most of the brands through wholesale arrangements. That's what we want to do. We have a department that's doing wholesale sales, especially Quiksilver, Roxy, and some of these other brands. And we've been selling them since the beginning of this year. We can distribute Nine West and many other brands across Europe. In the near future, we should have the decision in terms of the figures. We're thinking about 3% per annum. That's what we're thinking today. In Q4, it was around 6% of sales. So sales are going to grow quarter on quarter. So it might even reach as high as 10% of CCC or of the whole group. Of the group. We have a separate department that's dealing with wholesale sales.
In the near future, maybe the business model will be divided up that a totally different channel will be responsible for wholesale sales, just like we're doing with MODIVO, which is responsible for e-commerce. You have retail sales, off-price. I'm not promising you that we're going to report it that way. Generally, we want to make sure that things are more and more transparent to show you which channel is moving forward more swiftly. We have very satisfactory margins in wholesale sales. What does that mean, satisfactory? It's above EBITDA. It's above our EBITDA. I can't tell you more because then people who are buying will be affected. What's the CapEx planned for 2025 CapEx? Investment expenditures. Happy people don't count money. It's hard to talk about CapEx if we have a payback period of six months.
So generally speaking, I really wouldn't follow that discussion because the EBITDA per store in CCC is 40%. And so it's 29%. So in HalfPrice thing, we have a payback period of nine months in CCC. It's six months. So I want to open as much as possible. We don't have enough good space. We wouldn't open up any stores on attics. So in the second floor of the on the first floor against the ground floor, we have to have a good location. Location, location, location. Has something changed in WorldBox? I don't see anything on the presentation. Yes, we didn't want to overload you with information. The most important thing to us is to show you what our path is, how many square meters we're going to open, how we're going to grow. And we're talking about the EBITDA stability. We want to grow with a stable EBITDA.
We don't have an idea in terms of the Germany, the DACH countries like Germany and other German-language countries. We're focusing on Central and Eastern Europe. We have a good understanding of the market, and we have four brands we're using at the same time, and that means it'll be easier for us to roll out the MODIVO Club, so I believe in omnichannel, so I think nobody has a model like the one we have today. We're selling 50-50, so we have stores in 2027. We're going to have another Madrid in Spain and Madrid. Spain is doing pretty well, so I wanted to leave some information for the next quarter. We won't have anything to talk about, so this year, we want to open 16 HalfPrice stores in Spain, so we have very good sales density. Costs are very good. The margins are good.
And so it's a country with some 48 million inhabitants. When will we see the maximum effects of cost-cutting in MODIVO? Was it already Q4 or will it be Q1? I think we see those cost-cutting results already now. We won't be able to do much more. Maybe in some stores, we won't be buying empty traffic. We'll save money on payable traffic. We'll save money by using our club loyalty program. And then we want to improve the product margins. So we will also sell off in the first half of the year the remnants of these partner products. So I think everybody's finally understood that my middle name is Margin. And who doesn't understand that my middle name is Margin? That means they're not going to work with us. So we have a big market share.
If somebody's not working with us, it's more his or her loss than it is our loss. That's the way things have to be. As you can see, nobody's earning any money on e-commerce across Europe. We're the only e-commerce that's actually earning any money. I know how to do that. Can we count on reverse factoring growing quite substantially? Do we want to talk about that? Wilcoch, I'm talking too much. Wilcoch hasn't been on the stage. I'm not sure if my microphone's on. This is one of the priorities. We've already started the financial year. We have the factoring. Here, we're very far along with our banking partners. This is not the only thing that we're concentrating on in terms of optimizing working capital. As the CEO mentioned, we're talking about inventories as well.
We want to extend the payment terms and days and also using trade credit and utilizing the balance sheets of our suppliers. We have better and better ratings. So that means there's a broader array of instruments that they can have. So they can use factoring. They can get insurance for their supplies. They can utilize their own balance sheets. And this is something that you'll be able to see in subsequent quarters. So this work is going in a number of different avenues. But when we talk about this specific question about reverse factoring, we have very specific ambitions. We want to reach the benchmark in the industry of several hundred million. So it's not very big, having in mind the size of the group. So in the CCC business, it's PLN 600 million. In MODIVO, it's another PLN 300 million.
This is a very small percentage compared to other players where those limits are in the billions. There's a lot of potential for us to explore. We want to double at least this year. I think Wilcoch doesn't want to say that. If we reduce inventory and then we drop our inventory turnover in days to 180 days, so then if we have 200 days, along with the fact that this ship is sailing for two months, and we're going to be able to get to 200 or 150 days for HalfPrice because a lot of the products are already in Europe. With an average of 180 days, we'll have a model that would finance itself through factoring, and that's our primary target. I think we're pretty close to achieving that target. A few more quarters.
And this is something that should work very well. So as the results are generated, we're going to be able to push upwards, expand these limits. Thank you very much. So two more questions. I'm from the XYZ Editorial Board. I have a couple of questions. The first question. Recently, Eobuwie was connected to MODIVO. You could go there and buy shoes and apparel on your site. You have footwear and bags. Does that mean you won't have a connection between MODIVO and Eobuwie footwear? What's the second question? What is the cost per store of Eobuwie in this model? And so if CCC has a payback period of six months, HalfPrice nine months, what is your supposition in a new format for Eobuwie? So we won't have a MODIVO. MODIVO is only going to be e-commerce.
So basically, it was a cheap way for people to have a dressing room, a changing room. And so people were coming in to pick up the products. That's not sensible. MODIVO will only be a sales. It won't be linked to retail sales. But it's only a matter of synergy. It's going to be an integrator of the group, the club and e-commerce sales. The second question. The business plan. We have 12,000 sales per square meter. 25,000 is what we've achieved. That's a sales density. I believe in this model because this model doesn't exist elsewhere. You can't buy shoes in a town of 100,000 inhabitants of Armani, Lagerfeld, or Guess. You have to order those shoes through the internet. We're going to give that to customers. This is an omnichannel approach. You can come in, measure the shoes, and then you walk out with the shoes.
You don't have to pay for the courier, go to a package parcel, send it back. So basically, we see people coming back. E-commerce hasn't killed the retail customer. People are coming back to stores. E-commerce is quite difficult. It's highly competitive. You have to buy space, your packages. And so we have accustomed customers to returns. It was a bad slogan for us to say, "Don't buy it until you try it on," because people weren't. I told people not to buy those shoes. That was a mistake. If I encourage people not to buy shoes, why should they buy the shoes? If it was just. So thank you very much for your response. One more question from the community here present. I'm from mBank. I wanted to clarify the deal structure.
I understand if it's used, if all of the instruments are used, you would distribute 11 million shares and 2.5 million warrants. So it would be as many as we need, plus a million, but up to 10 million as a cap. So it's up to 10. The max is 10 million. If there's going to be a big need, it would be an additional million. Once again. So we will never exceed 10 million plus 2.5 million warrants. So it's PLN 1.6 billion divided by the share price and the deal plus million. So it seems that 10 million, we won't issue too many shares. Okay, that's clear. Then in terms of the MODIVO group, in Q4, we saw a decline in performance marketing costs. Is this the optimum level, or do you anticipate in subsequent quarters that we'll see some optimization in performance marketing? I don't know.
Frankly, I don't know. We continue to think about fighting for the marketplace. So we have such high margins. We should actually vie for the market. We won't spend as much. I think the mix, customer mix, people coming back to our channels, it's going to be such. So I think that performance marketing will be diluted. Performance marketing is an opportunity for people to start buying from our licensing brands. Once we win a customer, then we believe that those customers will come back to us to buy G-Star once again. So this is a channel that would enable us to win the market for our most expensive brands. And that's going to be quite a good benefit for us. And so that would be a great channel of performance marketing.
Then we would use performance marketing, but we'd like to use it and tap into it in a totally different way. We want to use it wisely based on what is actually going to generate returns every quarter. Up until now, MODIVO, with a 38% margin, was buying traffic at 16%. So if we're going to have a 60% margin and let's say it's 14 or 12%, that's what the traffic is. That means we're going to have a big upward impact. So we know some people who are buying at low margins and they're able to earn money on Allegro. And I've been thinking, why aren't we able to earn money on that? If we're going to sell Reebok in the marketplace at 80%, how much can we pay for performance? That's the answer we're looking for in order to respond to this question.
We can probably earn quite a bit. Why should we overpay? We're going to pay as much as we need to pay. But at the end of the day, we're going to have a 65% margin. It depends. Are we buying this traffic for tennis shoes, for 60, 75, or for shoes that are worth PLN 400? That's also important. We're paying per click. All of these things need to be factored into our calculation. That's why I say I don't know. So I don't want to surrender or relinquish that market. I don't want to strengthen others, strengthen other brands. The brands that we manage in the region, we want our licenses to be very strong licenses. We want to have very strong brands.
And if we're going to advertise Reebok, as an example, that should have an impact on every single channel as well as HalfPrice, which is selling the remnants of collections. Basically, everybody should benefit from that advertising. Everybody knows CCC, WorldBox. We're going to advertise brands and products. I can't hear the question. He's not using his microphone. The brand owner only has he's not selling products in wholesale. I'm the host. I have to earn money to pay the licensing fees. That's the only thing we have to pay. Let's not go overboard. The license fee, including marketing, it's less than 2% of the margin. It's not a lot. It's not 6%. It's 2%. If we have a 75% margin, we're only losing 2%. So I understand there are no more questions.
So I'd like to thank you very much for your attendance, for the turnout being so high. We've had such a high number for the first time of observers in the market and followers for the first time. So thank you very much for your attention.