Equestrian brand LeMieux has almost doubled sales within the past two years and generated a turnover of £42.9m for the financial year ending April 2023, a 16% increase from 2022.
The British-born brand grew international sales by over 50%, with exports now accounting for an impressive 40% of total sales, adding to the continued positive growth in the UK.
LeMieux generated EBITDA margins of 24% and the business reported pre-tax profit of more than £9m. Since private equity investor LDC invested in 2021, turnover has increased by more than £20m and headcount has more than doubled, with the business now employing over 100 people
As part of this growth, LeMieux also drew on its experience in craftmanship to target international expansion, broadening its product development and evolving its categories into toys, leisurewear, casual clothing, and outdoor footwear. LeMieux’s products are now sold through over 500 traditional and online retailers in over 90 countries, including in John Lewis and Selfridges.
LeMieux was founded in 2006 by husband-and-wife Lisa and Robert Lemieux – a former professional event rider, British National Champion, and Olympian – with managing director, Dan Mahoney joining the team last year. The business sponsors some of the best riders in the world, including Team GBR riders Charlotte Dujardin and Lottie Fry.
Dan Mahoney, managing director at LeMieux, said: “There is an exciting and growing demand for our products, with our UK success starting to be replicated by global customers. Many of our customers have been inspired by our support of Team GBR Riders, highlighting the high quality of our craftmanship and goods. We now offer one of the broadest and most specialist branded product ranges in the equestrian market – it’s been amazing to see the growth of our core saddle pad range – this just goes to show the appeal that quality equestrian products have on a global scale.”
“LDC backed our management team two years ago, and our growth has continued to flourish since. We’ve been empowered to expand our team of true specialists, and their expertise has supported us onto a new level of global recognition and demand. We are now even better placed to unlock value in key markets overseas and, with continued support from the team at LDC and the network they have introduced us to, we are well on our way to achieve our ambitions to be the most exciting equestrian brand in the world.”
Joe Tager, investment director at LDC, added: “LeMieux really is a British global success story. Lisa and Robert’s abilities to truly understand and then create products that fulfil the highest demands of passionate equestrians in both the UK and overseas shone through from the first time we met them. Since we partnered with LeMieux in March 2021, we have supported them in building the infrastructure to meet the ever-growing global demands for their products. This is highlighted by the investment in recruiting a first-class management team, including Dan’s appointment as managing director in August 2022. LeMieux has an exciting future ahead, with ambitious plans for further global expansion, and we look forward to supporting the business as it continues to fly the flag for British craftmanship.”
To further support the business’ continued growth and expansion, LeMieux has also significantly strengthened its team with four new senior appointments. To drive the business’ growth in a key international market, the brand appointed Todd Starcevich, formerly of VF Corporation, as head of North America. Andrea Burke-Davies, formerly of FitFlop, was appointed as head of sales to drive business growth through wholesale. To drive marketing and merchandising, the brand appointed Russell Nethercott, formerly of Hugo Boss, as head of merchandising and Matt Burnett, formerly of Fat Face, as head of marketing and creative.
