After turbulent year, Re:store buys Trouva, keeps it as standalone operation
One thing we heard little about during the Made.com collapse and subsequent purchase by Next was Trouva, the business that Made had bought in spring 2022.
But late on Wednesday, it was announced that Re:store has acquired Trouva “to accelerate social commerce opportunities for independent retailers” and to “bridge the gap between online and offline” for indies.
Trouva is a major platform to discover independent boutiques and brands, offering customers a curated range of homewares, fashion and lifestyle. The London-based business was founded in 2015 and partners with over 650 independent boutiques across Europe, shipping to 38 countries worldwide in 2022.
Back in May last year, Made had said it was buying the business “to advance the group's growth strategy” in the belief that the “enlarged group will leverage scale and marketing efficiency and expertise to improve the financial performance”.
That certainly didn’t happen, with Made’s collapse being fairly spectacular last year.
But while Made as a separate operation ceased to exist (with Next simply acquiring the intellectual property), it was clear that Trouva still had plenty of potential. And its new owner will retain it as a standalone operation.
Re:store itself was co-founded and is led by Jon Reynolds (previously CEO and co-founder of SwiftKey) and Siling Tan in 2020 “to enable a human connection online through a personalised retail experience”.
The company said the acquisition of Trouva comes as a pivotal moment for Re:store and it has “plans to integrate its social commerce technology with the marketplace for use by 650+ independent retailers. The integration will further advance personalised consumer experiences between the retailers and their global customer base via Trouva”.
CEO Reynolds said: “We’re excited by the opportunity to acquire Trouva and introduce our social commerce technology to [its] fantastic boutiques and brands. We believe the future lies in enabling deeper connection and community online with authentic and passionate sellers, like those on the marketplace. We look forward to working with the team on delivering this shared vision and providing a fresh experience for independent retailers and their customers.”
And Trouva COO Dimple Patel added: “This new phase for [us] is an exciting one for both the team and our independent community. After what has been a turbulent trading year for all retailers, we’re thrilled to have Re:store on board to help Trouva continue to push the boundaries of technology and retail. Our unwavering mission to make independent shopping accessible to all will continue, as we strengthen our proposition and experience for both our community and our customers.”
Copyright © 2023 FashionNetwork.com All rights reserved.