LoveCrafts Reflect On London List As Stay-at-Home Brits Turn to Sewing
// LoveCrafts envisions market float after demand surges
// The arts and crafts retailer secured Â£ 16million from investors and lenders in January
// Sales of knitting and sewing supplies increased during Covid-19 lockdown
LoveCrafts is reportedly exploring a stock float, or private fundraiser from institutional investors, in an effort to support its wave of global buybacks.
The online arts and crafts retailer is considering a float after securing $ 22million (Â£ 16million) from investors and lenders earlier this year.
LoveCrafts said sales of knitting and sewing supplies increased during the Covid-19 lockdown, The telegraph reported.
The retailer is the latest company to consider a stock exchange listing, after furniture retailer Made.com announced a London Stock Exchange listing worth up to Â£ 1 billion last month.
Meanwhile, Russian discount retailer Fix Price is planning an IPO in London, which could value the company at more than $ 6 billion (Â£ 4.3 billion).
In January, gift and card retailer Moonpig announced it would debut on the stock exchange, valuing the online retailer up to Â£ 1.2 billion.
LoveCrafts said orders from new customers rose 166% between March and November last year, as Britons picked up new craft hobbies while working from home.
The company is mulling over a float after securing $ 22million (Â£ 16million) from investors and lenders in January to buy its U.S. rival WEBS, owner of the world’s largest online knitting store, fil.com.
LoveCrafts expects to record revenues of over Â£ 60million in the current fiscal year thanks to increased demand.
Click here to subscribe to the free daily Retail Gazette newsletter