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British brand LeMieux has reported double digit sales growth to become one of the world’s fastest-growing equestrian business, as international customers buy into ‘Brand Britain’.
The business, which is supported by private equity investor LDC, generated a turnover of more than £42.8m for the financial year ending April 2023, a 16% increase from £36.8m in 2022.
International sales grew by over 50%, and now account for more than 40% of total sales, while LeMieux’s UK sales continue to grow positively. EBITDA also grew significantly during the financial year. Since LDC’s investment in 2021, turnover has increased by more than 88% and headcount has grown by over 185%, with the business now employing more than 100 people. Within the last 24 months, company sales have doubled and EBITDA has grown by more than 50%.
Hampshire-based LeMieux is renowned as an iconic equestrian brand. Its products, which are sold through 500 traditional and online retailers in more than 90 countries, are designed to provide maximum comfort and performance for both horse and rider. The British business sponsors Team GBR riders Charlotte Dujardin and Lottie Fry, and will sponsor a selection of the team GB team riders at the Paris Olympics 2024.
LeMieux was founded in 2006, by husband and wife Lisa and Robert Lemieux – a former professional event rider, British National Champion and Olympian, with managing director, Dan Mahoney joining the team last year. In March 2021, private equity investor LDC partnered with the management team as a minority investor to help accelerate the business’ growth through international expansion and continued investment in its horse wear and rider wear offering.
As part of this growth, LeMieux drew on its experience in craftmanship to target international expansion, broaden its product development and evolve its categories. This has included the launch of new horse riding equipment, rider clothing and a range of educational soft toys and accessories to appeal to younger audiences, which feature miniature bridles and toy pony re-creations that belong to members of the LeMieux team. LeMieux’s products are now distributed widely in the UK, including in John Lewis and Selfridges, and internationally, across Europe, the US and Australia.
To further support the business’ continued growth and expansion, the investment from LDC has also enabled LeMieux to significantly strengthen its team with four new senior appointments. This has included hiring a new Head of North America, Todd Starcevich – formerly of VF Corporation – who will drive the business’ growth in this key international market.
To strengthen its sales and marketing team in the UK, LeMieux has also appointed former FitFlop sales director Andrea Burke-Davies as Head of Sales; Russell Nethercott, who has held senior positions at Rapha Racing and Hugo Boss, as Head of Merchandising; and Matt Burnett, formerly of Liz Earle and Fat Face, as Head of Marketing.
Dan Mahoney, Managing Director at LeMieux, said: “There is an exciting and growing demand for our products, with our UK success starting to be replicated by global customers. Many of our customers have been inspired by our support of Team GBR Riders, highlighting the high quality of our craftmanship and goods. We now offer one of the broadest and most specialist branded product ranges in the equestrian market – it’s been amazing to see the growth of our core saddle pad range – this just goes to show the appeal that quality equestrian products have on a global scale.
“LDC backed our management team two years ago, and our growth has been able to continue to flourish since. We’ve been empowered to expand our team of true specialists, and their expertise has supported us onto a new level of global recognition and demand.
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