The e-coms focused mattress brand will be stocked in Karstadt's 79 department stores throughout Germany.
Companies: Eve Sleep PLC
Eve Sleep (LON: EVE) has today announced its products will be now be stocked in Karstadt, one of Germany's largest department store chains.
Eve, the London-based startup who floated on the AIM market earlier this year, will now see its mattresses and other sleep products on display in an Eve retail space within 79 of the German retailer's department stores. The agreement, which begins in November, will see Eve's physical brand presence grow to 143 stores across Germany as well as the UK, where Eve products are on display in 55 Next Home showrooms.
The statement today commented on the direction of the company, saying:
"The Agreement forms an important part of Eve's multi-channel 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."
Group CEO Jas Bagniewski 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's interims will be announced next week.
Eve Sleep IPO'd in May 2017, raising £35m to be valued at £140m on their opening day of trading. Today's market cap for the Group is around £111m, with share prices dropping 20% since the Group's float date.
The Group only began trading in 2015, yet revenue grew from £2m to £12m in just one year (2015-2016) and is expected to grow significantly in 2017 and beyond, with consensus predicting revenue of £27m in 2017. However, the Group is forecasted to continue to trade at a loss of c. £12m in 2017 and 2018.