Featured is an exciting opportunity to acquire a business that has been making quality, attractive leather bags for over seven years and selling them essentially across the globe.
Watch the video below to learn a bit more about the business.
What’s your background? How did you start with this project?
My name is Samuel Lewis Windridge I am 38yrs old and live in England. My wife and I started Forbes & Lewis as we could not find good quality leather bags with great design for an affordable price, the bags we wanted were either too expensive designer bags or bad quality so Forbes & Lewis was born. I launched my first brand when i was 21years old and learnt from experience, my background is in design, fashion and wholesale. My wife also shares a love for design and her background is media based.
Are sales exclusive to the UK or are you selling elsewhere in Europe? Could this be moved elsewhere or managed from outside of the UK?
We have sold into over 150 countries so this is certainly not limited to the UK market. We have concentrated on the UK as it makes sense to build in our home nation before taking further afield. The product we design is classic and timeless so the brand can definitely work from other territories worldwide. We are a small island so there is plenty of potential for growth entering larger markets such as the USA or targeting other parts of Europe more heavily.
How have you marketed the product? What is working? What hasn’t?
Our four main channels of paid marketing are Facebook ads, PPC/display, Email and affiliate marketing. All of these are currently working well but the really exciting growth is coming from the Facebook ads as we can hit a much larger audience and there is still lots of opportunity to scale and optimise performance through new markets and territories which have not yet been explored, we have concentrated on our home nation so far. We have also seen some huge growth in our email marketing taking this from 5% of total revenue to 17% in under twelve months. With more work we can get this up to 30% with the lowest cost per acquisition of all channels.
How much time does it take to run the business, who else is needed on the team, and what is automated?
It takes around 14 hours per week however this does vary depending on the time of year, for example Q4 is busier than Q3. Currently we have no employees but use agencies to help with the management of marketing channels. We have automated as much as we can from order fulfillment and logistics through to customer service.
Can you list a few opportunities for a potential new owner to continue growing the business?
The brand switched from omni-channel to D2C in 2020 and there was an increase of online revenue of over 119%, the new owner can now really push the D2C model and scale the ecommerce side from $700,000 to 1m+
We have only touched the surface of paid advertising, especially FB and IG ads. We have proven over the last year our product can sell in volume via this channel however we have only targeted the UK market which is limited. To recognise the true potential of the brand this needs to be widened and we need to enter new markets.
Email marketing has seen a big jump up in performance over the last year however again can be improved dramatically by increasing the mailing list size and continuing to push great content, there is potential to push this from 17% of total revenue up to 30%.
We have not leveraged any of the potential sales from Pinterest of Tiktok so these are both new social channels for us that can bring further revenue into the brand. There is also room for a more aggressive influencer marketing strategy.
We have established a great looking brand with a successful product range so there is enormous potential for a new owner to take all of this work, data and design and scale it to the next level.