Boux Avenue, the lingerie retailer owned by Theo Paphitis, grew sales by 16% in the financial year ending March 2026, delivering an EBITDA profit of £5m and taking the improvement in EBITDA over the past two years to more than £11m.
Growth came across all channels, with like-for-like sales up 10.5% in stores and 14.9% in ecommerce. The brand’s design and buying strategy introduced new ranges across lingerie, nightwear, swimwear and accessories, improving both sell-through rates and overall margins.
Marketing activity drove a 6% increase in active customer numbers. A focus on students lifted sales to that group by 13% year on year, while sales to customers aged 35 and over rose 9%, which the business attributes to campaigns such as Spring Icons Lingerie and Summer Swimwear resonating with a wider demographic.
Online and third-party channels continued to deliver double-digit growth, with sales rising across marketplaces including Next, M&S, Very and ASOS.
Stores also achieved double-digit growth, and the business made significant investment in its estate during the year. It moved its northern flagship to a larger store at Manchester’s Trafford Centre, relocated within Liverpool ONE and refitted its stores at Bluewater, Westfield White City, Guildford and Belfast. Boux Avenue is continuing to look for new locations in prime shopping areas including Edinburgh, Bristol, Nottingham and Leeds.
Theo Paphitis, Chairman and owner of Theo Paphitis Retail Group, which also owns Ryman and Robert Dyas, said:
“We are delighted with the progress that the Boux Avenue brand has made over recent years and the 2026 results reflect the excellent further progress made within the year. Despite the many challenges thrown at UK retailers at this time, our teams have responded by delivering well designed, quality products and great service to our loyal and growing customer community.
Theo Paphitis, Chairman and Owner, Theo Paphitis Retail Group
Boux Avenue has come of age and developed into a respected, accessible luxury brand in the UK lingerie retail market, giving us the confidence not only to expand the brand further in our existing channels and partnerships, but also to seek further collaborations internationally. Our estate of stores in prime locations is thriving. Today we are actively looking for additional prime retail locations across the UK and we are also upgrading our current estate when leases are being renewed.
It’s good to reflect on and momentarily enjoy the results of 2026, but given the competitiveness of the market, our team’s focus remains firmly on delivering for our customers. As we head into our peak season, the expectation is that we will continue to build on the success of these results and we are already seeing further, sustained growth on top of that.”
Founded in 2011, Boux Avenue sells lingerie, nightwear and swimwear through 27 UK stores, its own website and marketplace partners including Next, M&S, Very, ASOS, John Lewis and TikTok Shop. Its collections are designed in-house in London, and store teams offer complimentary bra fitting.
Terry Clark is the Publisher and Content Director of 365 Retail, with more than a decade of experience covering retail design, technology innovations, store openings and the wider retail industry. He also works closely with leading retailers, suppliers, agencies, events and industry awards across the UK.
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