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Seraphine confirms it is considering a flotation on London Stock Exchange

Lauretta Roberts
17 June 2021

Maternity brand Seraphine has confirmed it is considering its intention to float on the London Stock Exchange. 

The move follows the £50m acquisition of the business by Mayfair Equity Partners, which bought out founder Cécile Reinaud and previous backers Bridgepoint Private Equity at the end of last year.

This morning it has announced the intended publication of a registration document, by its holding company, Kensington Topco Limited, which has been submitted for approval to the FCA. Seraphine Group plc, has been newly incorporated to be inserted as the ultimate holding company of the group, which is seeking the listing. 

The digitally led maternity and nursing brand was founded by Reinaud in 2002. She took a step back from the business when David Williams joined from ASOS in 2017 as COO and stepped up to the role of CEO in 2019.

Williams said of the news: “Today marks a truly exciting moment for Seraphine as we embark on the next stage of our growth journey. The announcement of our expected intention to float reflects the hard work and dedication of the team and the strength of our brand.

"Since our origins in 2002, we have grown significantly and expanded in to over 120 countries all over the world. An IPO gives us the momentum to grow both our own digital platform and increase our customer reach by expanding our digital partnerships while building on existing strong fundamentals. 

“We would not be at this exciting next phase without the support of the people behind Seraphine so above all I would like to thank the Seraphine team for their continued hard work and dedication which has enabled Seraphine to transform and remain a leader over the years. It is also important to thank the Group’s founder, Cécile Reinaud, as without her determination and hard work, we would not be announcing this milestone today. We have a very exciting future ahead of us both as a listed company and also as we continue to build and expand the Seraphine brand. We are looking forward to our future as a plc and the opportunities this will bring for everyone involved with Seraphine.” 

Seraphine filled a gap in the market for premium, fashionable yet functional maternity and nursing wear at an accessible price point and has garnered a high profile celebrity client base, including most notably the Duchess of Cambridge.

The digitally led business has recorded strong growth over the years, achieving a CAGR of 22% during the period from FY14 to FY21. This has been driven by its expansion into new territories and rapid growth of its own digital platform. Own digital platform revenue has grown at a 44% and now accounts for 89% of group sales. The remainder of sales are made up by digital and wholesale partners and some strategically located retail stores.

Around two-thirds of its FY21 revenues were outside of the UK and its current geographic footprint in terms of group revenue is North America 29%, the UK 26% and Western Europe 40%. In the year to 4 April the company achieved sales of £34m.

Bertie Aykroyd, Partner of Mayfair Equity Partners, commented: “Seraphine has an exceptional premium brand, and we believe a public market listing will help to both amplify the brand and to reach new audiences. An IPO was part of our original investment thesis as we recognised that the Group’s growth plans could benefit from undertaking an IPO with the additional profile and brand visibility such a process could bring, especially in markets such as the UK and the US.

"We are delighted to be backing David and his leadership team, who are on an exciting growth journey that we are proud to be a part of. We look forward to continuing our partnership with management and supporting Seraphine’s international growth agenda.” 

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