Eve Sleep was launched in 2015, aiming to establish itself as a leading ecommerce brand in matresses – a market traditionally dominated by bricks-and-mortar retailers. Its proposition is based on a premium product range offered at relatively affordable prices through a convenient means of distribution. It has achieved rapid sales growth – both in its domestic UK market and internationally – and was valued at £140m after completing a flotation in May 2017. In the UK, France and Germany it also has a physical presence through in-store concessions. With Eve’s mission being to turn a “sleepy product category into a truly desirable one”, it places an emphasis on an innovative and energetic culture. As Eve continues to evolve from a start-up into an SME, the group maintains a strong tech focus, aiming to establish itself as a technology-led retailer through a strong ecommerce offer, innovative marketing and an efficient distribution system. However, it is facing intensifying competition from other online mattress retailers, such as Casper, which are also looking to promote themselves as aspirational brands.
Eve Sleep has narrowed its full-year losses, but warned that it expects “subdued demand” to persist during the coronavirus outbreak.
Eve Sleep has broken even for the first time during the fourth quarter of its financial year as it remained on track to slash losses.
The online players selling memory foam mattresses tightly rolled up and delivered in a box were supposed to revolutionise retail – but in a fiercely competitive market, brands are under pressure.
Eve Sleep saw sales across its business fall during the first half of the year, but it did manage to roughly halve its EBITDA losses.
Mattress in a box specialist Eve Sleep has issued a profit warning and canned talks over a proposed merger with rival Simba.
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