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£40m raised to further accelerate MADE's growth
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£40m raised to further accelerate MADE’s growth and establish MADE’s digital brand leadership across Europe
· Fund raise includes new tier 1 global tech and digital institutional investor and further commitments from existing shareholders
· MADE reports 2017 net revenue of £127m (up 40% year-on-year), break-even run rate at group level and cash flow positive
MADE.COM, a leading European design brand, announces that it has commitments for £40m of equity funding. As well as a new tier 1 global institutional investor, the funding round includes commitments from existing investors Partech Ventures, Level Equity and Eight Roads Ventures, a subsidiary of Fidelity.
The fundraising follows another year of impressive growth for MADE in 2017. The brand achieved net revenue of £127m (up 40% year-on-year), break-even run rate at group level and cash flow positive. The company has now demonstrated its capacity to build a truly international brand and to scale in new territories whilst demonstrating a strong financial track record.
MADE is uniquely positioned to benefit from the transition from high street to online within the homewares market and to capitalise on growing consumer confidence in digital retail, especially for big ticket categories.
This round of investment will be used to further accelerate growth and establish MADE’s digital brand leadership across Europe. Its plans to achieve this include:
· Completing the European footprint currently in the UK, France, Germany, The Netherlands, Belgium, Austria and Switzerland, with the launch of additional markets;
· Developing the MADE brand, including the addition of innovative new showrooms across Europe, adding to the six currently located in London, Birmingham, Leeds, Paris, Amsterdam and Berlin;
· Continuing to pioneer the creative use of technology to enhance the customer experience and operational efficiency and provide the industry leading platform for nurturing and supporting designers around the world
Appointment of Adrian Evans as CFO
MADE announces that Adrian Evans has been appointed as CFO. Adrian joins from YOOX NET-A-PORTER Group where he held various senior management roles including Commercial Director, Finance Director and Strategy Director. As Finance Director of NET-A-PORTER, Adrian oversaw the merger with YOOX. Over his 10 years with the company he played a key part in growing the business from £75m to £1.7bn.
Adrian joined NET-A-PORTER GROUP at the inflection point of fashion retail shifting online and joins MADE as we enter the same curve for homewares and furniture.
Commenting on the announcement, Philippe Chainieux, CEO of MADE.COM, said:
“We continue to scale rapidly across Europe, and I am pleased to confirm that MADE has reached profitability in 2017 in the UK, France and Benelux, and is now cash flow positive at the group level. We have had a strong start to 2018 and are very excited about the future.
The funds raised will facilitate faster growth in existing and new markets across Europe. While MADE continues to evolve, it remains at heart a design brand, committed to creating beautiful products for the home which are affordable and unique.”
020 7457 2020
Mark Reed/Sarah Ahmed
· MADE believes everyone should have access to great design and is dedicated to making that happen.
· MADE has revolutionised the buying model, has a sizeable in-house design team and collaborations and partnerships with over 100 designers, including the award winning Stueart Padwick, Philip Colbert, Desormeaux Carette and Allegra Hicks. MADE works closely with manufacturers and craftsmen across the world to offer consumers unique furniture and homeware products at affordable prices.
· MADE launched the first crowd-sourced and crowd-funded design platform: TalentLAB. The platform invites designers from around the world to submit a design and when a design receives sufficient customer pledges, MADE will commit to producing and selling the product. The platform will launch 200 new designers each year.
· The product range is expanding, having grown by some 40% since the start of 2016 and now totals some 3,500 SKUs. Ranges are continually refreshed, with an average of two new collections launched every week.
· From its roots in furniture, MADE has recently successfully entered the categories of Lifestyle, Leisure and Gifting.
· MADE operates a small network of innovative, unconventional showrooms as an extension of its website, combining real and virtual products and helping to inform and excite customers before making their purchases online. MADE now operates six showrooms, including flagships in London and Paris.
· Today, MADE employs more than 300 staff across its operations in the UK, Continental Europe and Asia and is led by Philippe Chainieux, formerly CEO of Meetic, a publicly traded company in France and a division of IAC.
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