plans £100 million initial public offering on London Stock Exchange

MADE aims to scale in existing markets by continued investments in operational excellence and brand awareness, scale its curated homewares platform and expand internationally.

LONDON, UK: Limited, a leading digitally native lifestyle brand, announced potential intention to undertake an initial public offering (IPO) of the shares.

“Should MADE proceed with the Offer, Listco will apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange‘s main market for listed securities,” a news release said.

The initial public offer (IPO) would comprise a primary offer to raise proceeds to further develop growth in existing markets, improve service through reduction of lead-times offered to customers, scale its homeware range and give the Group increased working capital flexibility.

MADE would seek to raise approximately £100 million of primary proceeds through the Offer of new Shares to be issued by Listco. The Offer would include an offer of existing shares to be sold by existing shareholders.

Philippe Chainieux, CEO of MADE, said: “MADE.COM has been revolutionising the home and living sector for the last eleven years. Founded in the UK, it is now the leading digitally native lifestyle brand in a sector that is shifting steadily online. The business is powered by a technology platform that connects independent designers and makers, allowing us to develop our exclusive product offering.

The business is fast growing and we have demonstrated the capacity of our brand and customer proposition to travel well. Around half of our sales are outside of the UK and we are aiming to be the leading home destination in Europe for the digital native.”

Immediately following Admission, Listco expects that it would have a free float of at least 25 per cent of Listco’s issued share capital and that it would be eligible for inclusion in the FTSE United Kingdom indices. In addition, it is expected that Shares representing up to a further 15% of the Offer would be made available pursuant to an over-allotment option.

MADE is the leading digitally native lifestyle brand in home. MADE’s mission is to make high-end designer furniture and homeware products accessible to everyone. MADE sells its products across the United Kingdom, Germany, Switzerland, Austria, France, Belgium, Spain and the Netherlands via its e-commerce platform, which provides an inspiring and seamless customer experience, while its asset light vertically integrated model allows for scalability.

MADE believes it provides its customers with high-quality, responsibly made, affordable products, underpinned by exclusive designs, that enable customers to curate their life at home. MADE’s fresh and ever-changing range, with nine new collections launched on average every week and around 40% of its range renewed each year, consists of over 6,000 curated furniture and homeware products.

To create its product range, MADE partners with over 150 established and up-and-coming designers, artists and collaborators. Its customer proposition has enabled MADE to develop a large, active and loyal customer base, with approximately 1.1 million active customers in 2020 and approximately 1.2 million active customers in the last 12 months to the end of the first quarter of 2021.

MADE’s business model is centred around a flexible asset-light supply chain, vertically integrated across all functions and processes, covering the entire product lifecycle from product development and sourcing (including concept design, development, production and ordering) through to global shipping, warehousing and home delivery. Sustainability is embedded into MADE’s operations with growing visibility and transparency given to its customers. MADE designs products with their longevity in mind and is committed to its sustainability initiatives.

MADE was founded in 2010 and launched its first website in the United Kingdom that year. MADE has gradually expanded its product offering, starting with upholstery, then furniture and more recently homewares and lifestyle categories.

In parallel to its product offering expansion, MADE commenced its international expansion by launching its French website in January 2013, followed by websites for a number of other European markets from 2013 to 2018, with Spain being the latest market that it entered in 2018.

The furniture and homeware market stands at an inflection point of e-commerce adoption, with significant further upside potential given the secular shift to online. The market is further bolstered by a number of consumer trends re-shaping the space: shifting demographics, increased focus on product sustainability, rise in remote working, and growing brand awareness driven by high social media engagement, among others.

According to own estimates from Euromonitor data, the global furniture and homeware market for both online and offline is currently estimated at £504 billion, of which £151 billion is attributable to Europe. The homeware and furnishings category is well positioned for growth given rising penetration rates and high forecasted growth, making it one of the most attractive sectors with significant potential in the retail space.

MADE is well positioned to take advantage of the structural tailwinds driving the online furniture and homeware market, including sector consolidation, increasing focus on sustainability, working from home, and millennials entering their core home formation years.

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