Menkind owner Gift Universe has further expanded its specialist gifts business with the acquisition of Prezzybox.
Gift Universe says the acquisition, for an undisclosed sum, represents an expansion into the female gifting market, complementing the male-focused Menkind, which is a Top50 retailer in RXUK Top500 research.
It comes six months on from Gift Universe’s acquisition of Hawkin’s Bazaar. All, says Gift Universe, are part of its strategy to take a specialised and highly targeted approach to selling gifts.
Prezzybox was founded in 2000 by Zak Edwards and is set to continue to sell as previously, using the same brand identify and values. Gift Universe will, however, bring together the buying, marketing and finance behind the businesses – it currently generates 70% of revenue from products designed in house.
Barney Edwards, Prezzybox commercial director, says: “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.”
Gift Universe was founded in 2002 and has since developed the Menkind multichannel operation. Gift Universe now has 50 permanent shops, and expands to as many as 70 during peak trading through seasonal pop-ups. It also sells through channels including third-party retailers, marketplaces and online through its own website.
Paul Kraftman, chief executive of Gift Universe, says: “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.”
