LoveCrafts set to acquire Deramores from Ideal Shopping
LoveCrafts – the global community and commerce destination for crafters – has announced the acquisition of the knitting and crochet site, Deramores. LoveCrafts will be acquiring Deramores’ digital assets and physical inventory, including its domain IP, digital patterns and Deramores branded yarns from Ideal Shopping limited – itself a subsidiary of Aurelius Equity Opportunities.
The acquisition follows LoveCrafts’ exceptional growth over recent years with the community platform achieving approximately $90m in sales last financial year.
As the pandemic sparked a national knitting and crochet revival, research by LoveCrafts found that millions worldwide used crafting as the biggest aid towards their mental health. Sales for knitting and crochet kits increased +225% in December 2021 compared to 2019.
Today’s announcement allows LoveCrafts to scale further on top of the pandemic-induced rise in demand as the world continues to knit, crochet and craft into 2022. Since its foundation in 2010, Deramores had become one of the online craft players in the industry, offering a comprehensive home for inspiration and supplies, meeting the needs of knitters and crocheters worldwide.
The news follows LoveCrafts’ acquisition of WEBS, American online needlecraft company, for which it secured an additional $22m funding from existing investors. LoveCrafts also launched new categories in Embroidery and Cross Stitch, Quilting, Paper Craft and most recently, Baking, with plans to launch further categories.
Edward Griffith, CEO and Founder LoveCrafts, comments: “This is another great landmark for LoveCrafts. Deramores was an important crafting site in the UK market and this marks a significant milestone in our journey to becoming the end-to-end destination for craft enthusiasts around the world.”