The renovation revolution — why we invested in Plank
Emma Biasiolo led our recent investment in Plank Hardware — in this article, Emma takes a look at why we believe this is such a compelling brand, with an opportunity to tap into the millennial DIY boom.
Over the past two decades, we’ve worked alongside many successful entrepreneurs building the consumer brands of the future. From the Vinader sisters to Taymoor Atighetchi, founder of Papier, these founders bring together a passion for products with operational expertise and a vision for the future of retail.
When we met Tom Revill and Annie Aveyard, founders of Plank Hardware — the latest consumer addition to our U.K. portfolio — it was clear that we’d met two entrepreneurs with the passion, expertise, and vision to build a direct-to-consumer success story.
In this article, I’ve laid out a few thoughts on why we believe that Plank Hardware has the potential to harness the renovation revolution.
Bringing DIY to the Instagram generation
Plank Hardware provides the finishing touches to DIY projects in the home. Its range of handles, knobs, rails, and knockers offer high-quality, design-led hardware that is the final touch for a home renovation project.
Over the past few years, many millennials have turned their hand to DIY, particularly during the pandemic. However, these consumers — many of whom document their renovation projects on Instagram — expect a seamless digital experience that many traditional retailers simply cannot provide.
Plank Hardware solves this problem in several ways. First, its range of products are trend-led, shifting much more rapidly than legacy competitors to adapt to the latest trends on Instagram and Pinterest, where many millennials and Gen Z consumers are taking inspiration to become their own interior designers.
Second, it’s worth understanding that these pieces of hardware are often the final and crucial elements to a renovation project. Consumers need to be able to engage with a visual product that is available rapidly and Plank Hardware’s online platform ensures that products are highly visual, whilst its direct-to-consumer model ensures that customers are not left with an agonising wait for that final finishing touch.
Last, we know that consumers are now far more willing to purchase home interiors without seeing them in person. Many rapidly growing D2C brands such as Lick, COAT, Swyft and now Plank Hardware are tapping into this opportunity. From our own portfolio, MYCS — the European online furniture retailer — has shown the willingness of consumers to purchase premium interiors online.
Tapping into a boom in home renovations
Demand for home improvement projects has rapidly grown in the past two years, particularly due to the shift towards remote working. Research found more than 50 per cent of the UK population had embarked on home improvement projects since March 2020, while 36 per cent of those surveyed felt they would continue to focus on renovation projects as we emerge from the pandemic.
Whether it’s first-time buyers or those who can’t afford an interiors overhaul, a lick of paint and new hardware can make a huge difference, particularly for consumers who are operating on a budget. And these consumers are a significant proportion of the market — the average kitchen costs £8,000, while a recent report by Rated People found that 68% of Brits set out to tackle a kitchen renovation with a budget of under £4,000.
We believe Plank Hardware is strongly positioned to inspire a touch of creativity in the home regardless of whether you have a vast budget to spend. And it has clearly resonated with customers — although Plank were early in their journey the reviews they had showed that customers loved what they were doing and were very happy with product quality and service. For us this is a key window into how much a consumer product resonates with customers and a chance to see if they’re willing to come back — whether it’s Instagram comments or TrustPilot reviews!
Backing a driven duo with a clear vision
The business began life — as you might have guessed from the name — as planks of wood. Tom was making shelves and furniture from recycled scaffolding boards and really enjoyed the creative process around it. As time went on, he focused on the component parts and began developing the hardware range.
These are two co-founders that bring an ideal balance of industry experience, operational expertise, and entrepreneurial vision, as Annie was previously Head of Finance at Swoon, one of the first movers in bringing home interiors online.
This is a business with a compelling proposition and plenty of opportunity for growth. While it was only founded in 2019 and it has been bootstrapped to date, a lean operation and clear focus on providing an exceptional experience to their consumers has ensured that Annie and Tom have built a business with the potential to become the go-to brand for home hardware, and we’re incredibly excited to be part of the journey.
