LoveCrafts Reflect On London List As Stay-at-Home Brits Turn to Sewing


LoveCrafts expects to record over £ 60million in revenue in current fiscal year
// LoveCrafts envisions market float after demand surges
// The arts and crafts retailer secured £ 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 (£ 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.


READ MORE:


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 £ 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 (£ 4.3 billion).

In January, gift and card retailer Moonpig announced it would debut on the stock exchange, valuing the online retailer up to £ 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 (£ 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 £ 60million in the current fiscal year thanks to increased demand.

Click here to subscribe to the free daily Retail Gazette newsletter


Comments are closed.