Gift Universe, parent company of leading gifts and gadgets retailer Menkind, has completed the acquisition of Prezzybox, an established brand in the gifting industry and the creation of founder, Zak Edwards.
The acquisition, which was made for an undisclosed sum will enable the company to extend its reach into the female gifting market alongside Menkind’s male focused proposition and follows on from the recent acquisition of Hawkin’s Bazaar furthering the strategy to develop specialised highly targeted offerings in the gifting market.
The family-run Prezzybox was founded in 2000 where it set out on its mission ‘to create moments of happiness by delivering the extraordinary’. The acquisition will see no significant change to Prezzybox with the company maintaining its brand name, identity, ethos and value proposition. Gift Universe will look to use synergies in terms of buying, marketing and finance to the benefit of the company and its loyal customers.
Barney Edwards, Prezzybox Commercial Director, commented: “We’re pleased that the business is going into Gift Universe’s capable hands and look forward to seeing it go from strength to strength in the future. As a family, we have put a huge amount of effort into building the business and we are happy to pass it on to a company that can help it achieve its potential.
“We are thankful to all the external stakeholders we have worked with and, most importantly, we would like to thank our many team members from over the years. Despite growing into a big operation from a small family business, we have always felt like one big family.”
Paul Kraftman, CEO at Gift Universe, adds: “We are excited to continue the growth of our business through the acquisition of this well-established family brand. The acquisition of Prezzybox provides further opportunity to develop and grow our offering and increase our foothold in the gifting industry, enabling us to continue to expand our customer base.”