THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Menkind acquires RED5

Menkind, the multi-channel niche gifts and gadgets retailer, has acquired RED5, the Hull-based consumer gadgets brand.

GENERAL MERCHANDISE

Menkind acquires RED5

RED5 and Menkind will continue to operate as separate brands following the acquisition. In addition, Menkind will retain RED5’s existing stores, warehouse and offices, as well as its 220 staff.

Founded in 2005 by Gadget Shop creator Jonathan Elvidge and Joth Baron, RED5 reported sales growth of 18% with a turnover of £18 million at the end of the 2015 financial year. Pre-tax net profit was £1.3 million.

RED5 currently has nine permanent UK stores and four concessions in Hamley’s and Selfridges, in addition to a number of pop-up stores. It also sells product via its website www.RED5.co.uk and via wholesale to stores including Boots, Argos and John Lewis.

Both Elvidge and Baron will remain actively involved in the business during the transition period as consultants to the management team.

Paul Kraftman, chief executive and founder at Menkind, said: “We are delighted to have acquired RED5, which has huge credentials within the gadgets arena, and until now was a main competitor of ours.

“Both Menkind and RED5 have distinctly different propositions and customer bases, which each brand owns within its section of the market. Whilst RED5 tend to attract younger buyers, Menkind’s wider gifting range appeals to the more mature customer. We feel this acquisition is key to the continued growth of Menkind, and anticipate it helping us to increase our market share and accelerate our expansion.

“Our vision is to be the brand leaders in our niche markets, increase our store portfolios in the UK and expand internationally. We feel, with the acquisition of RED5, we can confidently achieve this with both brands.”

Menkind employs 450 staff and has 40 stores across the UK. It also has 20 seasonal pop-up stores planned for the Christmas season, and also sells via www.menkind.co.uk.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing