Made.com

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MADE.COM Group Plc
MADE.COM
TypePublic
LSE: MADE
IndustryRetailer
FoundedMarch 2010; 11 years ago
Founders
Headquarters
London, United Kingdom
Number of locations
7 Showrooms
Area served
United Kingdom, France, Belgium, Germany, Austria, The Netherlands, Switzerland and Spain
Key people
  • Susanne Given (Chair)
  • Philippe Chainieux (CEO)
ProductsFurniture and Homeware
RevenueIncrease £247.3 million (2020) [1]
Number of employees
650 (2021)
WebsiteMADE.COM

MADE.COM is a brand based in London, England that designs and retails homewares and furniture online, and across a network of experiential showrooms in Europe. The company was founded by serial entrepreneur Ning Li[2] (CEO) and Brent Hoberman (Chairman), together with Julien Callède [3] (COO) and Chloe Macintosh.

History[]

MADE.COM was launched in March 2010 with £2.5 million[4] funding and the organisation later received £6m[5][6] in series B financing.

In January 2013 MADE.COM launched in France led by digital entrepreneur David Vanek.[7] In September 2013 MADE.COM launched in Italy. In the same month Philippe Chainieux, formally CEO of Meetic/ Match.com Europe was appointed as managing director[8] and MADE.COM aired its first TV ad in the UK, Great Design Direct From The Makers.[8][9]

In October 2013, MADE.COM was selected as one of the initial 25 new UK businesses by the British government's Future Fifty programme of high-growth technology companies that the government wanted to help to expand and float.[10] In December 2013 MADE.COM Co-Founder and former CEO, Ning Li, accompanied the Prime Minister, David Cameron, and other UK business delegates on a major trade trip to China.[11]

In September 2014 MADE.COM launched in the Netherlands and 6 months later, in March 2015, MADE launched the site in Germany led by Gloria Maria Reuss. In March 2015 Chloe Macintosh stepped down as Creative Director.[12]

In July 2015 MADE.COM raised $60m (£38m) in growth capital from Partech and Eight Roads Ventures to accelerate its expansion into Europe.[13]

In January 2017, founder Ning Li announced that he would be stepping down as chief executive of the company, but would remain involved as vice Chairman of the board. The announcement came as the company reached £100m in sales.[14]

In March 2018, after reporting another 40% year on year sales growth, Made.com raised a further £40m equity funding from institutional investors in order to consolidate its market position in Europe.[15]

In May 2021, Made.com announced plans to list on the London Stock Exchange and raise approximately £100 million by selling new shares. [16]

In June 2021, MADE.COM completed its IPO on the London Stock Exchange, with a market capitalisation of £775 million. [17]

Operations[]

MADE.COM does not own any of its factories, instead it commissions factories to meet its orders.[18]

The company's head office is based in London and it also operate regional offices in China and Vietnam. In addition, it operates warehouse and distribution facilities at London Gateway and in Ipswich. Its UK customer services department is also headquartered in Ipswich, Suffolk.

In 2012 sales grew by 200% compared to 2011[18] and in 2012 grew by between one and two people per week.[18] MADE.COM opened its Ninth Floor Showroom, in Notting Hill during London Design Festival 2012.[19] On 16 December 2013 MADE opened the doors to its showroom at Redbrick Mill in Batley.[20] In January 2015 MADE opened its flagship showroom in Soho, London (100 Charing Cross Road).[21] In April 2019 the flagship showroom in Soho was tripled in size to more than 1,100 m2 (12,000 sq ft).[22]

In March 2020, the company confirmed that they were withdrawing from Denmark and Sweden to focus operation on its key markets, although it did not rule out returning in the future.

Business model[]

MADE.COM streamlines the furniture design and manufacture process[23] allowing it to take products from design to sale in as little as four months. MADE.COM releases two new collections a week.[9] The company minimises overheads by selling online, grouping orders of the same item, not owning its factories and building close working relationships with factories and designers.[18] Its website showcases furniture designs and encourages people to vote for their favourite. Crowd-sourced designs go into production and people who voted can go on to purchase them should they reach production.[24] Orders are then placed directly with the manufacturer for mass production. Once produced, these orders are shipped and then dispatched to customers.[25]

Designers[]

MADE.COM collaborates with a number of designers including Steuart Padwick, Busetti Garuti Redaelli, James Harrison, Nina Campbell, Ian Archer, Philip Colbert, Ilaria Marelli, Genevieve Bennett, John Stefanidis and Alison Cork.[19]

In 2013 MADE.COM in partnered with the Design Museum in a competition to design two-seater sofa as part of its Future Is Here exhibition. The winning entry was put into production.[26]

References[]

  1. ^ MADE.COM Limited (May 2021). Registration Document (Report). Retrieved 31 May 2021.
  2. ^ 3 November 2011, Chinese entrepreneur found freedom in French furniture, BBC News. Retrieved 19 June 2012.
  3. ^ Ning Li, Chloe Macintosh and Julien Callede – Young Guns 2010, Growing Business. Retrieved 31 October 2013.
  4. ^ Richard Wray, 22 March 2010, Made.com aims to halve designer furniture prices, The Guardian. Retrieved 19 June 2012.
  5. ^ Mike Butcher, 11 January 2012, MADE.com raises £6m in Series B financing, Techcruch. Retrieved 19 June 2012.
  6. ^ Thomas Hobbs, 11 January 2012, Made.com raises £6 million in funding, Growth Business. Retrieved 19 June 2012.
  7. ^ Alex Lawson, 31 January 2013, Furniture etailer Made.com launches in France as it embarks on overseas expansion trail, Retail Week. Retrieved 13 August 2013.
  8. ^ Jump up to: a b 7 September 2013, "Irresistibly MADE.COM by MADE.COM", Campaign, Retrieved September 2013
  9. ^ Jump up to: a b Emma Gaffney, 25 July 2013, Video feature: the Future is Here at the Design Museum, Homes and Property. Retrieved 15 August 2013
  10. ^ 17 October 2013, The Future Fifty: the list, The Telegraph. Retrieved 21 November 2013
  11. ^ Mark Klelnman, 29 November 2013, Cameron Assembles Biggest China Trade Mission, Sky News, Retrieved 2 December 2013
  12. ^ "Made.com co-founder Chloe Macintosh steps down as creative director". The Drum. Retrieved 10 July 2015.
  13. ^ "Made.com raises £38m to expand 'aggressively' in Europe". Retrieved 20 July 2015.
  14. ^ "Made.com founder steps down as chief executive as furniture retailer approaches £100m in sales". The Telegraph. Retrieved 23 November 2016.
  15. ^ "Made.com's £40m cushion". The Sunday Times. Retrieved 18 March 2018.
  16. ^ Eley, Jonathan. "Made.com to raise £100m in London IPO". Financial Times. Retrieved 11 June 2021.
  17. ^ "Made.com shares fall 7% after completing London IPO". Reuters. 16 June 2021. Retrieved 22 June 2021.
  18. ^ Jump up to: a b c d Jonathan Moules, 30 January 2013, Made.com vows to stay street wise, Financial Times. Retrieved 14 July 2013. (Subscription required)
  19. ^ Jump up to: a b 24 September 2012, Online Retailer MADE.COM Opens Physical Showroom, Dezeen. Retrieved 8 May 2013
  20. ^ Bernard Ginns, 28 November 2013, MADE.COM Ready to Change the Way We Shop, Yorkshire Post, Retrieved 2 December 2013
  21. ^ "Bureau de Change combines furniture with digital projections for second Made.com showroom". Dezeen. Dezeen. 11 February 2015. Retrieved 15 February 2015.
  22. ^ "Made.com reveals record results and showroom expansion". www.furniturenews.net. Retrieved 20 February 2020.
  23. ^ Maila Reeve, 30 April 2013, Chloe Macintosh, Co Archived 21 September 2013 at the Wayback Machine-Founder, MADE.com: Zero-100 Employees in 3 Years! , The Next Woman. Retrieved 31 October 2013.
  24. ^ Fiona Graham, 29 September 2010, Crowdsourcing: Turning customers into creative directors, BBC News. Retrieved 19 June 2012
  25. ^ Dipal Acharya, 7 December 2012, Santa's got the sack..., London Evening Standard. Retrieved 13 August 2013
  26. ^ 25 July 2013, Video feature: the Future is Here at the Design Museum, Homes and Property. Retrieved 13 August 2013.
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