History
was launched in March 2010 with £2.5 million[7] funding and later received £6m[8][9] in series B financing.
In January 2013, launched in France led by digital entrepreneur David Vanek.[10] In September 2013, launched in Italy. In the same month Philippe Chainieux, formerly CEO of Meetic/ Match.com Europe, was appointed as managing director and aired its first TV ad in the UK, Great Design Direct From The Makers.[11]
In October 2013, was selected as one of the initial 25 new UK businesses by the British government's Future Fifty programme of high-growth technology companies that the government wanted to help to expand and float.[12] In December 2013, co-founder and former CEO, Ning Li, accompanied the prime minister, David Cameron, and other UK business delegates on a major trade trip to China.[13]
In September 2014, launched in the Netherlands and six months later, in March 2015, MADE launched the site in Germany led by Gloria Maria Reuss. In March 2015, Chloe Macintosh stepped down as creative director.[14]
In July 2015, raised $60m (£38m) in growth capital from Partech and Eight Roads Ventures to accelerate its expansion into Europe.[15]
In January 2017, founder Ning Li announced that he would be stepping down as chief executive of the company, but would remain involved as vice chairman of the board. The announcement came as the company reached £100m in sales.[16]
In March 2018, after reporting another 40% year on year sales growth, raised a further £40m equity funding from institutional investors in order to consolidate its market position in Europe.[17]
In May 2021, announced plans to list on the London Stock Exchange and raise approximately £100 million by selling new shares.[18]
In June 2021, completed its IPO on the London Stock Exchange, with a market capitalisation of £775 million.[19]
In February 2022, announced that CEO Philippe Chainieux had stepped down from his role as CEO with immediate effect due to personal family reasons.[20] In March 2022, the company confirmed that Nicola Thompson would take the position of permanent CEO.[21]
Even though experienced a rise in sales at the beginning of 2020s, in 2022, its sales began to drop significantly, mostly due to chain supply problems, the cost-of-living crisis, and the incoming recession. The company was put up for sale. In October 2022, stopped taking any new orders after the talks for finding a new buyer failed, which led the company to the brink of collapse. On 1 November 2022, the company's shares on the stock market were suspended.[22]
On 9 November 2022, went into administration. Its brand name, website and intellectual property were bought by fashion and furniture retailer Next. However, no staff were retained, leading to approximately 500 job losses.[5]
In August 2023, Next launched the new website, replacing the redirect to a landing page hosted on Next's website. The new website and app is hosted using the Next Total Platform, joining other sites like Gap, Reiss, Victoria Secret and JoJo Maman Bebe.
