The Very Group mulls IPO
18 Jan 2021
The owners of British online retailer The Very Group are reportedly mulling an IPO that could value the business at 3 billion pounds.
The Barclay family is in the early stages of deciding whether to take the group public amid soaring investor interest in online retailers, Sky News reports.
The Very Group has been one of the success stories of lockdown as it managed to capitalise on shoppers’ shifts to online channels.
The company recently reported record sales during the important Christmas trading period. For the seven weeks up to and including 25 December 2020, retail sales increased 25.2 percent year-on-year at Very.co.uk, while sales via the Very mobile app were up 33 percent.
The retailer also gained over 500,000 new customers during the period, up 25.5 percent year-on-year.
“While the economic picture remains unpredictable, we have strong momentum as we begin the year,” said CEO Henry Birch in a trading update earlier this month. “I believe our resilient, flexible and proven business model, which is online, multicategory and offers customers flexible payment options, will continue to help us thrive in 2021.”
Photo credit: The Very Group