Entrepreneur Theo Paphitis’ lingerie and clothing business Boux Avenue will clock up its first-ever profit in the financial year just ending, Retail Week can reveal.
The landmark follows an improved performance the previous financial year and over the two years combined, Boux Avenue’s EBITDA has risen by £7m.
Paphitis said: “2025 has delivered a major breakthrough year for Boux Avenue, taking the brand into profitability.”
Product enhancement and effective marketing around key trading periods helped drive the performance, as did partnerships with Asos, Marks & Spencer and Next. Boux Avenue, which also sells through its own stores and website, is keen to strike further partnerships.
Boux, along with stationer Ryman and hardware specialist Robert Dyas, make up the Theo Paphitis Retail Group.
In the 2024 year, Paphitis said Ryman returned to the black for the first time since the pandemic. EBITDA came in at £1.6m, a year-on-year improvement of £3.3m.
Paphitis added: “In my 30th year of owning heritage brand Ryman, it is encouraging to see footfall return to the city centres and this has also helped to prove our new Ryman Design concept of great stores in key city locations. Fruitful partnerships, with the likes of Legami, also add reasons for a younger demographic to shop with Ryman. Services also continue to shine in-store, driving footfall, with print services growing and providing much repeat business.”
At Robert Dyas, turnover fell 5.7% and there was an EBITDA loss of £0.7m. Paphitis said he considered it “a resilient earnings result, given the trading backdrop”. The retailer has been building its dropshipping fulfilment operation, which was up 9.6% year on year.
Paphitis said: “In the 30 years of building the Theo Paphitis Retail Group, we remain committed to the multichannel model of retail but it remains clear that location, location, location is everything in choosing new stores to open.
“In addition, the thing that has remained consistent is the passion and resilience of shopkeepers and as businesses face new challenges in the sector, I know that we will all dig deep and play with the cards we have been dealt.”
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