Made.com
 | |
| MADE.COM | |
| Company type | Public |
| LSE: MADE | |
| Industry | Retailer |
| Founded | March 2010 |
| Founders |
|
| Defunct | 9 November 2022 |
| Fate | Administration; assets sold to Next Plc |
| Headquarters | London, England |
Number of locations | 7 showrooms |
Area served | United Kingdom, Ireland, France, Belgium, Germany, Austria, The Netherlands, Switzerland and Spain |
Key people |
|
| Products | Furniture and Homeware |
| Revenue |  £371 million (2021) [1] |
Number of employees | 650 (2021) |
| Website | www.made.com |
Made.com was a British e-commerce company based in London that designed and sold furniture and home accessories online. The company was founded in 2010 by serial entrepreneur Ning Li and Brent Hoberman, together with Julien Callède and Chloe Macintosh.[2]
It had offices and warehouses across Europe and Asia and operated in seven European markets including the United Kingdom, Ireland, France, Belgium, Germany, Austria, Netherlands, Switzerland and Spain.[3]
In May 2022, it acquired the online homeware marketplace Trouva.[4]
On 9 November 2022, Made.com went into administration[5] and was acquired by the British multinational clothing, footwear and home products retailer, Next plc.[6]
History
[edit]Made.com was launched in March 2010 with £2.5 million[7] funding and the organisation later received £6m[8][9] in series B financing.
In January 2013, Made.com launched in France led by digital entrepreneur David Vanek.[10] In September 2013, Made.com launched in Italy. In the same month Philippe Chainieux, formerly CEO of Meetic/ Match.com Europe, was appointed as managing director[11] and Made.com aired its first TV ad in the UK, Great Design Direct From The Makers.[11][12]
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.[13] 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.[14]
In September 2014, Made.com launched in the Netherlands and six 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.[15]
In July 2015, Made.com raised $60m (£38m) in growth capital from Partech and Eight Roads Ventures to accelerate its expansion into Europe.[16]
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.[17]
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.[18]
In May 2021, Made.com announced plans to list on the London Stock Exchange and raise approximately £100 million by selling new shares.[19]
In June 2021, Made.com completed its IPO on the London Stock Exchange, with a market capitalisation of £775 million.[20]
In February 2022, Made.com announced that CEO Philippe Chainieux had stepped down from his role as CEO with immediate effect due to personal family reasons.[21] In March 2022, the company confirmed that Nicola Thompson would take the position of permanent CEO.[22]
Even though Made.com experienced a rise in sales at the beginning of 2020s, in 2022, its sales began to drop significantly, mostly due to chain supply problems, the cost-of-living crisis, and the incoming recession. That's why the company was put up for sale, with the talks for finding a potential buyer. In October 2022, Made.com stopped taking any new orders after the talks for finding a new buyer failed, which led the company to the brink of collapse. On 1 November 2022, the company's shares on the stock market were suspended.[23]
On 9 November 2022, Made.com went into administration. Its brand name, website and intellectual property are to be bought by fashion and furniture retailer Next. However, no staff are to be retained, leading to approximately 500 job losses.[5]
In August 2023, Next launched the new Made.com website, replacing the redirect to a landing page hosted on Next's website. The new Made.com website and app is hosted using the Next Total Platform, joining other sites like Gap, Reiss, Victoria Secret and JoJo Maman Bebe to join the platform.
Operations
[edit]Made.com did not own any of its factories, instead it commissioned factories to meet its orders.[24]
The company's head office was based in London and it also operated regional offices in China and Vietnam. In addition, it operated warehouse and distribution facilities at London Gateway and in Ipswich. Its UK customer services department as also headquartered in Ipswich, Suffolk.
In 2012, sales grew by 200% compared to 2011[24] and in 2012 it hired between one and two new employees per week.[24] Made.com opened its Ninth Floor Showroom, in Notting Hill during London Design Festival 2012.[25] On 16 December 2013, Made.com opened the doors to its showroom at Redbrick Mill in Batley.[26] In January 2015, MADE opened its flagship showroom in Soho, London (100 Charing Cross Road).[27] In April 2019, the flagship showroom in Soho was tripled in size to more than 1,100 m2 (12,000 sq ft).[28]
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
[edit]Made.com streamlined the furniture design and manufacture process[29] allowing it to take products from design to sale in as little as four months. Made.com released two new collections a week.[12] The company minimised overheads by selling online, grouping orders of the same item, not owning its factories and building close working relationships with factories and designers.[24] Its website showcased furniture designs and encouraged people to vote for their favourite. Crowd-sourced designs went into production and people who voted could go on to purchase them should they reach production.[30] Orders were then placed directly with the manufacturer for mass production. Once produced, these orders were shipped and then dispatched to customers. Unfortunately, this sometimes lead to significant shipping delays of more than several months for products.[31]
Designers
[edit]Made.com collaborated with a number of designers including Steuart Padwick, Busetti Garuti Redaelli, James Harrison, Nina Campbell, Ian Archer, Philip Colbert, Ilaria Marelli, Philippe Cramer, Genevieve Bennett, John Stefanidis and Alison Cork.[25]
In 2013, Made.com 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.[32]
References
[edit]- ^ Johnston, Ian; Eley, Jonathan (8 March 2022). "Made.com losses more than double to £31.4mn on higher freight costs". Financial Times. Retrieved 29 March 2022.
- ^ "Ning Li, Chloè Macintosh and Julien Callède: Made.com - Startups.co.uk". Young Guns by Startups.co.uk: Start up a successful business. 20 April 2011. Retrieved 6 July 2022.
- ^ "Where we operate". Made.com Group Plc. Retrieved 6 July 2022.
- ^ Nazir, Sahar (9 May 2022). "Made.com acquires online marketplace Trouva - Retail Gazette". www.retailgazette.co.uk. Retrieved 6 July 2022.
- ^ a b "Made.com goes bust with up to 500 jobs lost". BBC News. 9 November 2022. Retrieved 9 November 2022.
- ^ Roberts, Lauretta (9 November 2022). "NEXT acquires collapsed furniture retailer Made.com". TheIndustry.fashion. Retrieved 9 November 2022.
- ^ Richard Wray, 22 March 2010, Made.com aims to halve designer furniture prices, The Guardian. Retrieved 19 June 2012.
- ^ Mike Butcher, 11 January 2012, MADE.com raises £6m in Series B financing, Techcruch Retrieved 19 June 2012.
- ^ Thomas Hobbs, 11 January 2012, Made.com raises £6 million in funding, Growth Business Retrieved 19 June 2012.
- ^ 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.
- ^ a b 7 September 2013, "Irresistibly MADE.COM by MADE.COM", Campaign, Retrieved September 2013
- ^ a b Emma Gaffney, 25 July 2013, Video feature: the Future is Here at the Design Museum, Homes and Property. Retrieved 15 August 2013
- ^ 17 October 2013, The Future Fifty: the list, The Daily Telegraph. Retrieved 21 November 2013
- ^ Mark Klelnman, 29 November 2013, Cameron Assembles Biggest China Trade Mission, Sky News, Retrieved 2 December 2013
- ^ "Made.com co-founder Chloe Macintosh steps down as creative director". The Drum. Retrieved 10 July 2015.
- ^ "Made.com raises £38m to expand 'aggressively' in Europe". Retrieved 20 July 2015.
- ^ "Made.com founder steps down as chief executive as furniture retailer approaches £100m in sales". The Telegraph. Retrieved 23 November 2016.
- ^ "Made.com's £40m cushion". The Sunday Times. Retrieved 18 March 2018.
- ^ Eley, Jonathan. "Made.com to raise £100m in London IPO". Financial Times. Retrieved 11 June 2021.
- ^ "Made.com shares fall 7% after completing London IPO". Reuters. 16 June 2021. Retrieved 22 June 2021.
- ^ "Made.com chief executive Philippe Chainieux steps down". Retail Gazette. Retrieved 21 February 2022.
- ^ "MADE.com confirms Nicola Thompson as permanent CEO as retailer sees results beaten by freight inflation". City AM. 8 March 2022. Retrieved 22 March 2022.
- ^ "Made.com nears collapse as shares suspended". BBC News. Retrieved 1 November 2022.
- ^ a b c d Jonathan Moules, 30 January 2013, Made.com vows to stay street wise, Financial Times. Retrieved 14 July 2013. (Subscription required)
- ^ a b 24 September 2012, Online Retailer MADE.COM Opens Physical Showroom, Dezeen. Retrieved 8 May 2013
- ^ Bernard Ginns, 28 November 2013, MADE.COM Ready to Change the Way We Shop, Yorkshire Post, Retrieved 2 December 2013
- ^ "Bureau de Change combines furniture with digital projections for second Made.com showroom". Dezeen. 11 February 2015. Retrieved 15 February 2015.
- ^ "Made.com reveals record results and showroom expansion". www.furniturenews.net. Retrieved 20 February 2020.
- ^ Maila Reeve, 30 April 2013, Chloe Macintosh, Co Archived 21 September 2013 at the Wayback Machine-Founder, MADE.com: Zero-100 Archived 21 September 2013 at the Wayback Machine Employees in 3 Years! Archived 21 September 2013 at the Wayback Machine, The Next Woman. Retrieved 31 October 2013.
- ^ Fiona Graham, 29 September 2010, Crowdsourcing: Turning customers into creative directors, BBC News. Retrieved 19 June 2012
- ^ Dipal Acharya, 7 December 2012, Santa's got the sack..., Evening Standard. Retrieved 13 August 2013
- ^ 25 July 2013, Video feature: the Future is Here at the Design Museum, Homes and Property. Retrieved 13 August 2013.
