Top-rated Amazon retailer aims for eight-fold revenue increase by 2023 across €5bn marketplace
Crocket, Europe’s first digital native bathroom fittings retailer, is targeting major growth in the design-focused UK market and across key EU nations through a significant investment round. The company is seeking to raise €1m investment to help bolster B2C sales across Europe and grow its presence within the architecture and builder market.
Since launching in 2019, Crocket has expanded its offering to now include shower enclosures, bathroom fittings, counter tops, and mirrors. It has also developed an on-demand product sourcing model with multiple suppliers providing customers with 30,000 design combinations. In 2021, Crocket was ranked as the top bathroom fittings brand in the shower trays category on Amazon Europe where the company received more than one thousand 5-star reviews from verified purchases.
With the exception of the UK, where it holds stock via Amazon warehouses, Crocket outsources all of its production enabling it to operate on minimal overheads with customers paying upfront for their purchases. By selling directly to consumers and businesses and eliminating any middlemen in the process, the company is able to sell its high-quality Spanish-manufactured products at prices that are typically 20% lower than competitors.
The company was founded by Victor de Hita, a sales and digital eco-system specialist who spent two years at Amazon Marketplace Europe as strategic account manager working within the UK market. His brother and the company’s Chief Operating Officer, Xavier de Hita, is a successful entrepreneur who spent four years as CEO of a successful travel agency which he co-founded in Colombia. The senior management team also includes three vice presidents who are highly regarded in their specialist fields of design, operations and finance.
Crocket plans to use the investment round proceeds to build its team with 21 new hires planned in the next year. It will also invest in e-commerce and website business growth and in new product development. The company is forecasting revenues to more than double to over €2.6m in this financial year and then to increase to around €9.8m by 2023.
Along with its UK customer base, Crocket is also focused on Germany, France, Spain and Italy where the combined bathrooms market is valued at €5.24bn.
Crocket founder and CEO, Victor de Hita, said: “After establishing Crocket as an EU marketplace brand leader through our shower tray product offering and then diversifying our range, we now see a major opportunity to take the company to a significantly higher level.
“The bathroom market is booming across Europe and is currently worth more than €5bn in our five core national sales markets alone. Through D2C and trade sales, there is an opportunity to grow our market share across Europe, especially in the UK where design-focused consumers are looking for a unique, high-quality offering at a competitive price.
“This investment round will help support our growth ambitions by giving the business additional resources to invest in great people and build our e-commerce channels. While growing B2C sales, we will also channel additional funds into supporting the brand’s growth across the trade market by targeting architects and builders.”