River Island duo prove Loaf can Grow'
Profits at posh furniture group Loaf rocketed by 75 per cent following a takeover by the family behind River Island.
The firm raked in £12.8million in the year to March, according to accounts filed at Companies House. Sales rose as customers spruced up their homes during the pandemic.
Loaf paid a £20million dividend during the year to its parent group.
Clive and Ben Lewis bought a controlling stake in the company – which is registered in Jersey – late last year through their investment group Blue Coast Capital.
The deal valued Loaf at more than £70million.
Etonian entrepreneur Charlie Marshall set up the firm in 2008 using cash from the sale of another company after he spent a whole Saturday trying to buy a bed.
Marshall, 48, expanded it into sofas and bedroom furniture in 2012 and attracted investment from Peter Simon, the Monsoon and Accessorize founder, in 2014.
Turnover soared by 52 per cent to £94million last year.
In the first half, YNAP saw sales grow by 11 percent at actual exchange rates and by 4 percent at constant exchange. Richemont said growth was led by Net-a-porter and Mr Porter, with “marked performances” in the U.K. and the U.S.
Yoox revenues grew midsingle digit. The Outnet, which launched in the U.S. in May, was impacted by reduced product availability and increased competition. At FengMao, Richemont’s venture with Alibaba in China, revenues grew at high double digits compared to the prior-year period.
On Friday, the company also said Patricia Gandji will join the group’s senior executive committee in her capacity as chief people officer and CEO of Regions. Gandji will continue to report to the company’s CEO, Lambert.