🛒 Trouva’s Payment Delays
Trouva, a London-based online marketplace, has not paid many of its 650 boutique partners for over a month. The company, which ships to over 30 countries, has apologized, blaming the delays on an “unforeseen issue” linked to a pending funding round. Trouva’s founders, Alex Loizou, Mandeep Singh, and Glen Walker, launched the company in 2015, securing £17M ($21.3M) in 2019 to boost international growth. The company changed ownership three times in two years, with Fy! acquiring it in July 2023 for an undisclosed amount.
💰 Retailers in Financial Limbo
Several retailers told Drapers that they fear they may never be paid. One retailer, who has chosen to remain anonymous, said Trouva “hasn’t paid the bulk of their independent retail partners” and is no longer responding to calls or emails. Another store owner shared that they did not receive payments for July or August, prompting them to suspend sales on Trouva and advise others to do the same. “We are probably never going to see the money,” they said.
🔄 Trouva’s Acquisition History
Trouva’s history of ownership changes has raised concerns among retailers. The company was first owned by Made.com, then acquired by Rein 2023, before being purchased by Fy! in July 2023. These frequent changes have contributed to uncertainty among the boutique owners who rely on Trouva for revenue. One retailer expressed concern that Trouva’s repeated sales and acquisitions have left it in a precarious financial position.
📅 What’s Next for Trouva?
As Trouva awaits the completion of its new funding round, retailers are left in the dark about when they will be paid. Trouva’s last update, sent on August 15, offered no concrete timeline for resolving the payment issue. Retailers are growing increasingly anxious, with some fearing the company may go under. Trouva has yet to provide further updates, leaving its partners in an uncertain and frustrating situation.
Will Trouva’s funding round solve its payment issues?
