London-based sofa-in-a-box pioneer Snug achieved record sales of £31.6m (unaudited) in 2021, up from £7.1m the previous year.
The company had a particularly strong Q4, with sales of £10.1m, as it benefited from consumers opting for its next-day delivery service amidst increasing industry-wide lead times.
Indeed, Snug offers one of the shortest lead times to customers in the market, while fundamental shifts in consumer habits since the pandemic began have further accelerated the brand's growth. Consumer demand for greater flexibility has helped drive significant growth for Snug’s modular products – its bestseller last year was the The Rebel 3 Seater, which can be reconfigured into a larger corner sofa. Snug also launched sofabeds last year.
The company’s marketing is based almost entirely on the fact that its target customers are digital natives, and a growing portion of its sales are driven through social commerce – Snug's recent live social selling event on Instagram, featuring comedian Katherine Ryan, secured a record hour of revenue for Snug and a +450% uplift in sales from its previous event in March.
Founder and CEO Rob Bridgman (pictured) says: “It’s fantastic that we have managed to achieve such strong growth, as well as being profitable and cash-generative in 2021 – it was an exciting year at Snug that saw us quadruple the size of our team to 72 and successfully navigate the supply chain issues affecting our industry.
“We’re a challenger brand and entrepreneurs at heart so 2022 won’t see us resting on our laurels, instead we will be looking for more ways to innovate and continue on our growth trajectory. Expect to see us broaden our offer, develop new opportunities to connect with our customers and explore expansion outside of the UK. It’s our vision to be Europe’s number-one sofa business.”