Greetings card specialist Card Factory this week invited investors to sign up to its IPO as it became the latest retailer to head to market.

Greetings card specialist Card Factory this week invited investors to sign up to its IPO as it became the latest retailer to head to market.

In the end, long-term belief in Card Factory’s prospects boils down to one thing: does the greetings card have a future as so many other forms of communication go digital?

Card Factory seems to be a great entrepreneurial business that has been taken to new heights under private equity ownership. There has been investment along the way, the management team is well-regarded and like-for-likes have only ever gone up since the retailer was founded in 1997.

Surprising as it may seem, the card market has been growing at 1.4% per annum in the most recent years for which figures are available. In 2012, it was worth £1.4bn.

In the IPO documentation Card Factory chiefs expressed their conviction that “the giving of physical cards is and will remain ingrained in UK culture”.

Return to sender will be the sceptics’ view. But for those who agree with management’s reading of the market, Card Factory’s track record promises happy returns.