Moonpig (Overview)

Moonpig is a key player in the UK personalised greetings card market. The etailer also across Australia and the US.

The business was founded in 1999 and sold to Photobox in 2011 for around £120m. Photobox itself was acquired by Exponent Private Equity and Electra Partners in 2015.

Moonpig has broadened its product offer in recent years to provide a range of personalised merchandise such as mugs and smartphone covers.

It has been exploring greater use of cloud platforms in its supply chain and improving customer communication through greater segmentation and personalisation. It is also investing heavily in mobile, which Prospect estimates now accounts for some 75% of transactions. 

Sales more than doubled to £368.2m in the 2020 financial year to 30 April 2021, while reported pre-tax profit grew to £34.2m, with margins at 8.9%.

Profitability is underpinned by Moonpig’s vertically integrated business model, which has allowed it to develop its entire production and management IT systems.

Parent company Photobox restructured the “internal operations of the group around two autonomous businesses – Moonpig and Photobox” from around mid-2019. Both greeting cards brands within the group – Moonpig and Greetz – are headed up by chief executive Nickyl Raithatha.

Moonpig began trading on the London Stock Exchange in February 2021 with a market capitalisation of £1.2bn. The retailer had announced its intention to float the previous month after strong lockdown trading to “further raise the profile of the company”, as well as “provide it with a platform for continued growth”.

Innovation rating: 3.5

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