eve Sleep plc Major German retail partnership agreement (1697Q)

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RNS Number : 1697Q

eve Sleep plc

08 September 2017

8 September 2017

eve Sleep plc ("eve" or the "Company")

Major German retail partnership agreement

eve, the e-commerce focused, direct to consumer European sleep brand, today announces it has signed a major retail partnership agreement (the "Agreement") with Karstadt, one of Germany's leading department store chains, to be present in all 79 stores across Germany.

As part of the exclusive(1) Agreement, from the 1(st) November 2017 each Karstadt store will feature an eve retail space, showcasing the eve mattress, pillow and bed frame and allow customers to try out the products and then purchase either in store or online at www.evemattress.de or www.Karstadt.de.

Once launched, eve's physical brand presence will span 143 stores across the UK and Germany following the recent expansion of the Company's Next Home agreement.

Karstadt's stores are located across the country, with multiple stores in major cities including Berlin, Hamburg and Munich.

The Agreement forms an important part of eve's multichannel marketing strategy to further grow brand awareness predominantly through online-led activity supported by the development of select retail partnerships in core and new markets.

The Agreement will help to significantly increase eve's brand presence across Germany and further demonstrates the Company's progress in its expansion strategy across Continental Europe.

Jas Bagniewski, Chief Executive Officer, commented:

"Today's agreement marks a major development for eve's European brand awareness and demonstrates our commitment to growing market share in key territories. Germany is the largest mattress market in Europe and the quality, scale and country-wide spread of Karstadt stores across major cities in Germany substantially increases eve's retail footprint, exposing new customers to our exceptional sleep products and creating an easy route to purchase."

The Company will announce its interim results for the 26-week period ended 30 June 2017 on Wednesday 13(th) September.

(1 Karstadt are precluded from working with eve's direct to consumer competitors)

 
 Enquiries: 
 eve Sleep plc                    via Instinctif Partners 
  Jas Bagniewski, Chief 
  Executive Officer 
  Abid Ismail, Chief Financial 
  Officer 
 Peel Hunt LLP 
  Dan Webster 
  George Sellar 
  Max Irwin                       [phone] 
 Instinctif Partners 
  Mark Reed 
  Guy Scarborough                 [phone] 
 

About eve Sleep

eve is an e-commerce focused, direct to consumer European sleep brand, which designs and sells eve-branded mattresses and other sleep products, including pillows, sheets and duvets.

The Company principally focuses on the design, branding, marketing and selling of its products, with other aspects of its operations, including manufacturing and fulfilment, being outsourced. This model has enabled the Company to scale quickly internationally without the requirement for significant capital investment.

The Company's strategy is to continue to penetrate existing territories further, expand into new markets, extend its product range and develop its retail partnerships. Whilst the Company has grown quickly since incorporation, its current market share of the fragmented European sleep market (estimated to be worth GBP26bn) is only an estimated 0.1 per cent. which the Directors believe provides a significant opportunity for further expansion. The Company's aim is to become the leading pan-European sleep brand.

The CEO and co-founder of the business Jas Bagniewski, previously worked at Rocket Internet as a Country Manager of start-ups including Zalando and Groupon. He is supported by a strong and experienced management team, headed by Paul Pindar as Chairman.

In May 2017 the Company listed on the AIM market, raising GBP35m gross proceeds to accelerate its growth strategy. The shares floated at 101p per share, valuing the business, post new money at c.GBP140m.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 08, 2017 02:00 ET (06:00 GMT)