18 June 2024, 07:10
By Furniture News May 20, 2021

Simba reports record Q1

Simba, the London-based sleep technology business launched in 2016, has recorded its highest-ever Q1 sales and profits.

Q1 2021 sales jumped by +295% YoY in the UK, as consumers continued to invest heavily in sleep. The firm also witnessed a +265% YoY leap in global sales over the period, with operations in France, Canada, China and the UK all recording record results.

In March, Simba debuted a new premium mattress, the Luxe, and expanded its strategic partnership in the UK and Europe with USleep, the Belfield Group's mattress division, which lends Simba additional supply-side stability in the face of all-time high demand and growth, and also formalises a joint drive to further innovate across existing and new product ranges.

Simba says performance through the lifting of lockdown has remained strong, with a record April, and that it is on track to delivering its best Q2 financials to date.

Steve Reid, chief executive, says: "Like many firms, we were hesitant about how Brexit would play out, but we made a number of improvements to our supply chain in 2020 which facilitated a smooth transition, rather than putting on the brakes.

“The shift to online shopping for many consumers that Covid accelerated is also showing no signs of abating, and the overwhelmingly positive reception to the Luxe mattress further confirms quality is a greater purchase driver than price, suggesting that good sleep and a quality mattress is not something to make concessions on.

“Moreover, the growth of the UK business has also spurred solid international growth, and we look forward to accelerating our position and market share in France, China and Canada this year."

COO Nicholas Pink adds: “Simba’s success has been driven by a formula of consistently evaluating and sharpening up business practices, genuine product innovation and delivering quality. Sustained sales growth throughout 2020 has crucially been underpinned with continued and record profitability in 2021, validating that the model is not only robust, but sustainable."

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.