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MADE To Acquire Trouva To Accelerate Strategic Priorities

MADE store

Made.com Group Plc, the leading digital native lifestyle brand in home, today announces the acquisition of Trouva, to advance the Group's growth strategy.  Trouva is the leading platform to discover independent boutiques and brands offering customers a curated range of homewares, lifestyle and fashion products. Launched in 2015 Trouva has its HQ in London. The company has relationships with over 700 boutiques across Europe and has delivered to 34 countries worldwide this year.  Trouva will continue to operate as a standalone brand led by the current leadership team of Alex Loizou (CEO) and Dimple Patel (COO).

The acquisition of Trouva accelerates the Group's strategic priorities, particularly around Choice and Reach.  On Choice, the acquisition is expected to accelerate the expansion of homeware SKU count on MADE's curated marketplace, giving customers even more variety and newness.  On Reach, the Group anticipates leveraging Trouva's cross-border functionality to increase the distribution coverage for MADE's marketplace product offer.

Trouva has attractive marketplace technology, which MADE plans to integrate into the Group's existing marketplace tech stack, significantly enhancing functionality around dropship, carrier integration and inventory management. The Group intends to build out the existing Trouva tech hub in Portugal to create a new centre of excellence. Integration of Trouva will be led by MADE Chief Technology Officer Geert Engels, who has extensive experience in successfully integrating technology functions.

The acquisition will enable MADE to efficiently scale its curated marketplace offering, and avoid some anticipated capex spend.  Total cashflow on the combined acquisition consideration and capex is now expected to be £13-18m for 2022, compared to previous guidance of £15-20m.  The acquisition will be fully funded by cash and is expected to deliver a strong return on investment.  Trouva is currently loss making.  The enlarged Group will leverage scale and marketing efficiency and expertise to improve the financial performance of Trouva. 

Nicola Thompson, Chief Executive Officer of MADE said: 

"We are delighted to welcome Trouva to MADE. This acquisition brings with it an experienced and talented team, a sector-leading technology platform and excellently procured choices of homewares product that will resonate with the MADE target customer. 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. 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." 

Alex Loizou, co-founder and CEO of Trouva, said:

"We are excited for the future of Trouva as part of MADE. The combination of the two businesses enables us to leverage synergies across our brands, customers and our technology platform.  By becoming part of the MADE group, we will continue on our mission to support independent boutiques and brands by making their curation accessible.  We look forward to continuing growing Trouva's marketplace offer while extending the range of curated products available to the MADE customer."

Source : MADE

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10 May 2022

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