It has been announced today that Menkind, the popular gifts and gadgets retailer has attained gadget brand RED5.
RED5, the Hull based brand which was founded by Joth Baron and Jonathan Elvidge in 2005 will continue to run its nine UK stores on a separate basis. Menkind will however keep all existing stores, its 220 staff, offices and warehouses.
With concessions in Selfridges and Hamley’s, a website and wholesale, RED5 has shown a sales increase of 18% with a turnover of £18 million at the end of this financial year, with a pre-tax net profit of £1.3 million.
Chief executive and founder of Menkind, Paul Kraftman, said: “We are delighted to have acquired RED5, which has huge credentials within the gadgets arena, and until now was a main competitor of ours.
“Both Menkind and RED5 have distinctly different propositions and customer bases, which each brand owns within its section of the market. Whilst RED5 tend to attract younger buyers, Menkind’s wider gifting range appeals to the more mature customer. We feel this acquisition is key to the continued growth of Menkind, and anticipate it helping us to increase our market share and accelerate our expansion.
“Our vision is to be the brand leaders in our niche markets, increase our store portfolios in the UK and expand internationally. We feel, with the acquisition of RED5, we can confidently achieve this with both brands.”
Currently, Menkind operate 40 stores in the UK, 20 seasonal pop-up stores scheduled for the Christmas season and employ 450 staff.
