Thousands of Made.com customers in France are waiting for their order... or a refund.
After having paid for it, 12538 customers of Made.com in Europe (outside the UK) are waiting for their order to be delivered. They will probably never lay hand on it. In case of bankruptcy, they will be reimbursed after the priority creditors.
Made.com, the New Ikea, according to one of its cofounders Li Ning, mandated yesterday PwC (PricewaterhouseCoopers with Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson appointed as administrators) for a last flash sale : the group's assets, partially or in totality, are to be sold within 10 days. In the meantime, the company has placed itself under judicial administration.
The June 2022 accounts, audited by E/Y, showed an urgent need for cash, but continued activity and sales: over the last six months 652,000 customers had placed an order, with an average value of £266, with Made.com. This figure, like others, would partly contradict the analysis that the current management team tends to spread, justifying this downward spiral by the global context and supply difficulties alone. The average gross margin was 40%, marketing expenses 17% of sales.
One did not fail to notice a series of departures in the management team in 2022, such as Bruno Crémel (Partech) on 31 March 2022, Philippe Chainieux (ex-CEO) on 21 February 2022, and Adrian Evans, the CFO, on 27 June 2022.
What to do if you are a French customer of Made.com, who has already placed an order which has not been delivered ? You can join the Facebook group created by Kirsten Vangsgaard, a customer in the same predicament who has been struggling for a week already. a customer who is sad to find herself in this situation and who has been struggling for a good week, . It is estimated that in Europe, in the various countries where Made.com shipped, 12538 customers are in this situation, with continental Europe accounting for almost half of the sales, the rest being made in the UK. At £266 per average order, the practice of taking orders since mid-October without delivering them has probably netted €3 million, more than the value of the Made.com Group PLC on the London Stock Exchange.