Boden

The stylishly casual clothing catalogue business that went online and became an early international direct-to-consumer success story.

Invested in 1999, and exited in 2007

When Johnnie Boden launched the business in 1991 his focus was on clothing for men. By 1999, when Piper came to invest, Boden was not just designing clothing not just men, but women and children too. Their turnover had grown to £18m and the brand was competing directly with the likes of M&S and Gap.

Although growth had been rapid, founder Johnnie and MD Julian Granville recognised the business faced challenges. Capital was needed to grow the business, but it was needed alongside partner support that went beyond money. Our partnership began as the brand was launching its online store, and with our expertise and focused experience, they were able to avoid the distraction of becoming a retailer and instead grow a highly efficient and effective direct-to-consumer brand.

During our involvement, we helped the business build a clear and confident brand positioning. In addition, Piper worked closely with management to define the shape of the organisation. Boden became one of the UK’s most well-known brands and we supported their international expansion into Europe and the USA.

In 2007 we sold our stake, achieving a 30x multiple. With sales growing from £20m to over £150m and US sales delivering over $100m. Despite exiting, the Piper non-executives were 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.