Boux Avenue back in the black, bolstered by M&S and Next tie-ups

Boux Avenue chairman Theo Paphitis credited an elevated product range and third-party partnerships for the lingerie operator’s return to profit.

Boux Avenue recorded a return to the profit in the year to March 2024, up over £2m on the previous year and £7m over the last two financial years in EBITDA terms.

The retailer, which is part of the Theo Paphitis Retail Group alongside stablemates Ryman and Robert Dyas, said its results were “driven by great product and strong impactful marketing around key trading moments, such as Valentine’s Day and Christmas.”

The lingerie specialist also credited its supply partnerships with Next, M&S, Very and Asos with improved profitability and sales momentum, and said it would be “seeking more UK and international partnerships to continue to build on this.”

Boux Avenue aims to expand its store estate “in prime shopping centre locations” in the current financial year.

Stablemate and stationery specialist Ryman also reported positive EBITDA for the first time since the pandemic at 1.6m, drive by increased city centre footfall. This result represented a £3.3m improvement on the previous financial year.

Like-for-like sales rose 2.5% during the period, while overall sales climbed 4%, which the retailer said helped “to mitigate increased trading costs related to property, rates and salary increases and investment in our colleagues through training and development.”

The retailer plans to expands it new store format Ryman Design in the coming year.

Robert Dyas recorded a 5.7% drop in sales to £164.5m, and registered an EBITDA loss of £0.7m – which TPRG said was a “resilient” performance amid “an unseasonably wet summer period and external political and cost of living factors during this period.”

Chairman and TPRG owner Theo Paphitis said: “I am delighted to report that after building on its 2024 growth performance (year end 2024), 2025 has also delivered a major breakthrough year for Boux Avenue, taking the brand into profitability – representing over £7m improvement in the EBITDA in the last two financial years. This performance rewards the hard work of the management and wider team, the elevation and warm reception of the Boux Avenue product range and a targeted marketing strategy.

“In my 30th year of owning heritage brand Ryman, it is encouraging to see footfall return to the city centres, and this has also helped to prove our new Ryman Design concept of great stores in key city locations. Fruitful partnerships, with the likes of Legami, also add reasons for a younger demographic to shop, in store and online, with Ryman. Services also continue to shine in store, driving footfall, with print services growing and providing much repeat business.

“In the 30 years of building the Theo Paphitis Retail Group, we remain committed to the multichannel model of retail – but it remains clear that location, location, location is everything in choosing new stores to open. In addition, the thing that has remained consistent is the passion and resilience of shopkeepers and as businesses face new challenges in the sector, I know that we will all dig deep and play with the cards we have been dealt.”

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