As Halloween looms...
Morph Costumes sees surge in sales following Fun Shack deal
Halloween is a key time for sales
Fancy dress supplier MorphCostumes is expecting e-commerce sales to almost double following its acquisition of Fun Shack earlier this year.
Alongside new products from the acquisition, the growth is being driven by a 30% growth in like for like e-commerce revenues.
The news comes as the manufacturer and online fancy dress retailer behind the Morphsuit gears up for Halloween – the period which generates around 60% of its global annual sales.
The company reported revenue of £12.4 million for the year ended November 2018 against £9.3m in the previous year, and a rise in profit before tax to £1m from £352,000.
According to research by Mintel, the British public spent £419m on Halloween in 2018, up 5% in the previous year. Halloween is now the UK’s third-biggest event (after Christmas and Easter) in terms of consumer spending.
MorphCostumes’ main markets are the UK and US, as well as Australia and Canada.
Brothers Fraser and Ali Smeaton founded AFG Media, MorphCostumes’ parent company, in 2009 with Gregor Lawson after a night out that inspired the invention of the world’s first Morphsuit, a head-to-toe spandex fancy dress outfit that has grown into an international phenomenon. It has now expanded to 29 countries.
Gregor Lawson, co-founder and sales and marketing director at AFG Media, the company behind MorphCostumes, said: “The Fun Shack acquisition has had a very positive impact on our business. We’ve integrated their products into our range successfully. It has led to direct to consumer growth rates that could top 100 per cent.”
BGF originally invested £4.2m in AFG Media in June 2012 to help the company expand its range of costumes and grow overseas sales.
BGF is a minority, non-controlling equity partner, providing long-term patient capital to growing businesses across the UK and Ireland.