Printful announces revenue exceeding £239m
On-demand print company Printful has experienced a 39% increase to its revenue results in 2021
Tuesday, 05 Jul 2022 09:37 GMT
Founded in 2013, Printful fulfils, and ships personalised clothing, accessories, and homeware items for online businesses
For 2021, Printful’s revenue results surpassed more than $289m (£239m), an increase of 39% compared to revenue records of $208m (£172m) in 2020. This rise in figures has enabled Printful to exceed over 48m items and surpass over $1b (£828m) in total gross merchandise value (GMV) since the company's creation in 2013.
The company also reported a 115% growth in the enterprise sector in 2021, with an extension in relationships with brands like Coca-Cola, MTV, and Comedy Central. Boasting a team of over 1,700 people spanning across ten in-house fulfilment centres around the world, the company wishes to allocate more resources to service the enterprise-level customer base in the future.
Printful’s chief executive officer and co-founder, Davis Siksnans, believes the company’s rise is an indication of the power of independent brands and designers. Siksnans comments: “We have seen our enterprise customers succeed with print-on-demand, by launching new products with low inventory risks and a short time to market.
“I believe that other fashion and entertainment giants should seriously consider the on-demand production model to expand their business, offer customisation, and reach a wider network of customers.”
Despite the challenges presented by the pandemic, 2021 was a monumental year for our company. Reaching new milestones has only proven that we operate in an industry where there is significant potential, so we plan to lead by example...”
The rapid growth rate has seen an expansion of operations in the US and Mexico, with a new fulfilment centre in the UK and a new office in Latvia being opened to support the rapidly growing team. The company also secured a $130m (£107m) non-control investment from Bregal Sagemount, a leading growth equity firm. This led to Printful being announced as the first privately owned company with Latvian roots to achieve unicorn status with a valuation of over $1b (£828m).
Siksnans added: “Despite the challenges presented by the pandemic, 2021 was a monumental year for our company. Reaching new milestones has only proven that we operate in an industry where there is significant potential, so we plan to lead by example, continue improving our services, and strengthen our position as the industry leader.”
Printful now sees 2022 as a time to stay focused on working towards their sustainability and responsibility goals, with them planning to fund new packaging solutions and integrations while remaining committed to better serving customers worldwide.
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