Piper has sold its stake in Boden, the highly successful direct clothing business, achieving a 30x multiple on its original investment
Since Piper’s investment, Boden has developed from a quirky niche catalogue business into a leading international clothing brand. Sales have grown from £20m to over £150m, with US sales delivering over $100m.
During its involvement Piper has helped the business build a uniquely strong clarity and confidence about the brand’s positioning – such that Boden has become a recognised adjective in many of the leading daily newspapers! In addition Piper has worked closely with management on defining the shape and growth of an organisation strongly focused on being a world class, direct to consumer business.
Although exiting, the Piper non-executives have been asked to remain on the Board. “We really rate them. The fact that I’ve asked them to stay on the Board, even though they are selling – that says it all” stated Johnnie Boden.
Chris Curry of Piper, commented, “We are very proud of the successful partnership we have had with Boden. Together we have created a stunningly successful international clothing brand with enviable metrics in the world of direct retailing. This is the fourth business that sells direct to consumers we have exited well, and we intend to build on our extensive knowledge and experience in this sector”.