Eve Sleep Limited, also referred to as "Eve", "Eve Sleep" and "Eve Mattress", is a UK-based e-commerce business that sells its mattress online. It was founded in October 2014, in London, UK, and launched to the public in February 2015.
The company was founded by Jas Bagniewski (ex-senior management of Groupon UK and ex-head of Zalando UK), James Fryer (previously of Zen Bedrooms), Kuba Wieczorek (ex director at Channel 4 Creative and Head of Sports Marketing at Channel 4), Joe Moore (formerly at Deloitte), Felix Lobkowicz (ex-VP Rocket Internet and ex-head of Zalando UK) and Abid Ismail (ex-CEO of Axelos, part of Capita Plc, and ex-Assistant Director at Ernst and Young M&A).
Eve Sleep is known for simplifying the mattress buying process with its "one size fits all" product. It manufactures one single type of mattress with a three-layer technology incorporating next generation memory foam. Eve Sleep also sells pillows and bed sheets.
As an online platform, Eve sells directly to the consumer. The company cuts out the middle man and reduces its shipping costs by rolling the mattress into a box which allows it to sell its product for a third of the price of traditional premium mattress.
The company sold more than 11,000 mattresses in its first year with a turnover of more than £3,5 million, averaging monthly growth of 25%. Eve Sleep projects in excess of £20m turnover by the end of 2016.
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History
Until the early 2000s, the traditional mattress industry was dominated by vast retail showrooms, salespeople working on commission and complicated logistics. Consumers encountered expensive products, long delivery wait times, pushy salespeople and generally a poor customer experience.
As a result, mattress sales had been dropping for years. In 2009, the industry continued to decline, as mattress sales decreased by 6.6% compared with the previous year.
In the 2010s, a new mattress industry was born. Mattress company startups such as Eve Sleep, began to emerge with a new business model to meet consumer and market demands.
At the core of these new companies is a limited selection of products made from a few key components at a fraction of the high street costs. They are set on simplifying the decision process for customers, offering generous trial periods, speedy delivery and savvy social media marketing.
Jas Bagniewski was already in the mattress industry, along with James Fryer. The pair sold over $2 million worth of mattresses in one day on a Groupon flash sale back in 2011 and it opened their eyes to the category. The company went on to sell 75,000 mattresses online in 18 countries. The idea for Eve grew from their experience and through years of product testing, customer feedback and reviews.
Eve Sleep was founded by Jas Bagniewski (ex-senior management of Groupon UK and former-head of Zalando UK), James Fryer (formerly of Zen Bedrooms), Kuba Wieczorek (ex director at Channel 4 Creative and Head of Sports Marketing at Channel 4), Joe Moore (formerly at Deloitte), Felix Lobkowicz (ex-VP Rocket Internet and ex-head of Zalando UK) and Abid Ismail (ex-CEO of Axelos, part of Capita Plc, and ex-Assistant Director at Ernst and Young M&A), in October 2014, in London, UK. The co-founders bring years of combined expertise in their fields from e-commerce, logistics, mattresses, marketing and advertising.
The company was officially launched in February 2015.
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Product
Eve Sleep sells one mattress that is "suitable for everybody". The "one size fits all" mattress, which is manufactured exclusively in the UK, measures 10 inches deep and is composed of a three layer premium foam technology.
The mattress combines a high-density foam base, a mid layer of high-resilience comfort memory foam and a "next-generation" memory foam top layer. The top layer moulds itself to the sleeper's body providing comfort,. the base foam layer provides support. The layered design ensures breathability.
Bed names and size specifications vary in different countries. The mattress exists in all standard sizes in UK (single, double, king, super king...) and in US (single, twin, twin XL, full, king and California king...), and fits all IKEA frames. The company also manufactures custom-sized mattresses on demand.
The mattress features a knitted two way stretch fabric cover in white with a distinctive yellow side panel.
The mattress also comes in special editions featuring typographical designs, such as Wordsworth, Alice's Adventures in Wonderland, Treasure Island, Huckleberry Finn and selected quotes on the theme of mornings.
The mattress is vacuum packed and folded into a compact box, and can therefore be easily delivered and moved up staircases, unlike traditional mattresses. When unpacked, the mattress recovers its original shape and is ready to sleep on within hours. This method also cuts the delivery cost.
Eve Sleep's products are designed and made on demand in the United Kingdom and United States
The company claims to make "the world's most comfortable mattress" and "the perfect mattress" at the third of the price of an equivalent high street mattress.
The company also sells pillows and bed sheets.
Business model
Eve's business model features direct online sales, strong customer service and savvy social media marketing. Its online platform allows the company to cut out the middleman, provide free shipping and offer its mattresses at affordable prices.
CEO Jas Bagniewski had previously launched an online mattress company, that sold 75,000 mattresses online in 18 countries. He brought his experience gained through years of product testing customer feedback and reviews.
In 2015, the company sold more than 11,000 mattresses and had more than £3,5 million in sales in their first year with average monthly growth of 25%. These revenue figures exceeded investor targets by more than 1,500%.
Eve Sleep has enjoyed a 25% month on month growth in the last 15 months and now has a forecasted turnover in excess of £20m in 2016.
The firm is currently operating in United Kingdom, the United States, Germany, France, Belgium, Luxemburg, Austria, Switzerland and plans to expand further.
Over 50 people work for Eve Sleep in London and San Francisco.
Eve Sleep's goal is to become a global household brand.
Investors
In 2015, the company closed a seed-round of funding worth £600,000. Investors included FJ Labs (Viagogo and Zesty), DN Capital (Shazam) and Octopus Ventures.
Octopus Ventures and DN Capital invested for a second time in a Series A round to the value of £2.5 million in October 2015. And in July 2016, Eve Sleep secured £6.9m in Series B funding. This round included funding from Channel 4, the British public-service television broadcaster, via its Commercial Growth Fund.
Channel 4 offers companies not currently advertising on television in the UK, the opportunity to launch a TV ad campaign on Channel 4, by exchanging equity stakes or striking revenue share arrangements.
Total investment in the company now stands at £10m.
Corporate governance
Eve Sleep's key executives are:
- Paul Pindar: Chairman of the Board
- Jas Bagniewski: CEO
- Abid Ismail: Chief Financial Officer
- Kuba Wieczorek: Chief Brand Officer
- Felix Lobkowicz: Chief Operating Officer
- James Fryer: Chief Business Development Officer
- Jonathan Zatland: Chief Commercial Officer
Communication
In December 2015, the mattress company launched a long-form copy advertising campaign across the London Underground showing its distinctive yellow mattress border. Channel 4's investment saw Eve Sleep launch a television advert across its channels.
In June 2016, Eve Sleep also launched its "Nap Station". Located at the Old Truman Brewery, in East London, the pop-up nap station was a co-working space come nap station equipped with beds. The "Nap Station" allowed people to experience the brand, try Eve mattress and encouraged them to enjoy the benefits of a power nap. Visitors could benefit from free Wi-Fi and charging points, and artisan coffee.
Source of the article : Wikipedia
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