Liberum starts coverage of Made.com at 'buy'

Liberum said Made is disrupting a £94bn market which is at a tipping point of online adoption. "It has a disruptive, vertically integrated model with strong competitive moats," the broker said.

"Made is about curation and inspiration and its design-led focus differentiates it from the wider market. Operating a just-in time inventory model that, backed by Made’s proprietary technology, de-risks the model while maximising working capital and marketing efficiency underpins an attractive financial profile."

The broker added that with multiple drivers for sustainable long-term growth, the roadmap ahead is "compelling".

It said five strategic planks should drive a re-rating: reduction of lead times, gross margin recovery as freight costs normalise, expansion of homeware range, the rollout of the high-margin curated marketplace and results from marketing investments in France & Germany.