Made snaps up boutique marketplace Trouva as homeware firm doubles down on growth plans
Homeware firm Made has snapped up independent boutique platform Trouva, as it seeks to expand its product range.
Trouva, which works with some 700 boutiques across Europe, will continue to be run as a standalone brand under its current leadership.
In an update on the London Stock Exchange, Made said the acquisition would allow the homeware brand “to efficiently scale its curated marketplace offering, and avoid some anticipated capex spend.”
Total cashflow on the combined acquisition consideration and capex was anticipated to be £13-18m for 2022, versus prior guidance of £15-20m.
While Trouva is currently loss making, the acquisition was expected to deliver a strong return on investment.
Made shares were lifted by less than one per cent in early trading on Monday morning, following the announcement.
It comes as Made’s chair Susanne Given has warned shoppers are holding back on purchases in the short term amid soaring living costs.
The takeover involved acquiring a “sector-leading technology platform,” as well as homeware products that would “resonate with the Made target customer,” Made CEO Nicola Thompson, said.
“Trouva’s assortment complements Made’s design-led homeware and home proposition superbly and is a great strategic fit for MADE as we continue to enhance our marketplace offer,” she added. “This acquisition will allow us to significantly accelerate our growth strategy by expanding our curated product range – giving our customers more choice and newness – and scaling the business in key territories both established and targeted by leveraging Trouva’s exceptional cross-border technology.”
“The combination of the two businesses enables us to leverage synergies across our brands, customers and our technology platform,” Alex Loizou, co-founder and CEO of Trouva, said.
He added: “By becoming part of the MADE group, we will continue on our mission to support independent boutiques and brands by making their curation accessible.”
“I don’t think [high street shopping] necessarily is dying, it’s changing,” Loizou told CityA.M. earlier this year. “Offline becomes more about experience and something different. Online is driven by transactional behaviour.”