Online furniture brand MADE.com has reported that losses widened but saw its UK arm of the business ‘breakeven’ as turnover surpassed £60m.
MADE.com saw sales increase by 44% to £61.6m from £42.8m in the year to 31 December 2015, although losses grew from £3.8m to £6.2m, despite highlighting that UK performance achieved a group milestone of experiencing no loss for period under review.
During the period, MADE raised $60m (£38m) in capital from investors to boost growth, with the company more than doubling in size over the past two years and currently employs around 250 staff.
London-based MADE.com, which was founded by entrepreneur Brent Hoberman back in 2010, recently expanded its store presence with the opening of its new Paris showroom back in June, with the French market now representing the company’s largest sector behind the UK.
Current trading sees the UK ahead of expectations with product ranges up by 30% from the start of the year, whilst experiencing a successful Berlin showroom launch.
Ning Li, CEO of MADE.COM, said: “Our focus on growing market share in our existing 6 markets is working well, with continued strong growth across all. It is especially encouraging that growth remains strong in our two most established markets of the UK and France. The business model is working and the leverage in the business is evident with the UK reaching the milestone of breakeven in 2015.
“We continue to lead the way in combining online sales with the creative use of physical space to showcase our expanding range of products and categories, with the successful opening of the first showrooms in France and Germany this year. The £100bn home furnishings market is in the early stages of transitioning from offline to online and we remain excited about the opportunity and confident in our prospects.”