REG - Future PLC - Acquisition of SheerLuxe

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RNS Number : 8664P  Future PLC  22 January 2026

22 January 2026

Future plc

Acquisition of SheerLuxe

 

 

Future plc (LSE: FUTR; "Future" or "the Group"), the global platform for
specialist media, is pleased to announce the acquisitions of 100% of SheerLuxe
Ltd and BLUSH Talent MGMT Ltd (together "SheerLuxe" or the "Acquisition"), a
UK-based digital publishing group that combines the authority of a trusted
media brand with the authenticity and engagement of the creator economy.

 

The Acquisition is for an initial cash consideration of £39.9m funded from
existing facilities, with an earn-out conditional on future performance.

 

Acquisition highlights

-    Bolt-on acquisition that complements our existing portfolio and is
fully aligned with stated strategy, to diversify our audience and content
monetisation

-   A highly-recognised Google-Zero brand that draws an audience of 6m
across social, newsletters, websites and podcasts, skewed to Gen Z

-   Drives synergies through platform effect, delivering strong incremental
capabilities across social, newsletters and podcasts to benefit our existing
portfolio of leading brands

-    Delivers attractive value creation with high direct revenue growth,
EBITDA margin at 40% and returns higher than WACC

 

About SheerLuxe

Originally founded by Georgie Coleridge Cole in 2007 as a directory of online
retailers, SheerLuxe has evolved into a leading UK digital publisher in
Women's fashion and lifestyle.

 

SheerLuxe comprises a portfolio of digital brands that reaches an audience of
over 6m, including 2.3m monthly page views, 2.4m social followers, 0.9m email
subscribers and 0.4m YouTube and podcast subscribers.

 

In the 12 months to September 2025, SheerLuxe generated revenues of £12.6m
and delivered EBITDA of £5.1m, representing a margin of approximately 40%.
The business has been growing through innovation, having achieved +32% organic
revenue CAGR since FY 2023 (year to March 2023) while remaining fully
self-funded given its strong cash generative profile.

 

Strategic rationale

SheerLuxe represents a unique investment opportunity that is fully aligned
with our stated strategic objectives. It is highly complementary to our
leading portfolio of brands and offers multiple avenues to drive the platform
effect.

 

SheerLuxe is a high-growth Google-Zero brand, with Gen-Z audiences across
social, newsletters, and podcasts which drive high levels of direct audience
and engagement. Through this acquisition, Future's portfolio will benefit from
incremental skills and capabilities that SheerLuxe brings in this area.

 

SheerLuxe will also benefit from our strong UK commercial team, enabling an
acceleration of the strategy by developing new business opportunities across
Future's broader platform of brand and agency partners.

 

Further, SheerLuxe will be able to leverage our innovative products such as
Collab and Future Optic, driving growth in the business. Leveraging our
existing US capabilities and relationships, Future plans to launch SheerLuxe
in the US.

 

Finally, it further strengthens our Fashion & Beauty vertical which
includes leading brands such as Marie Claire and Who What Wear.

 

Combined with the strong financial characteristics of the business, this
compelling synergy potential underpins attractive value creation for our
shareholders.

 

Financial information

In the 12 months to September 2025, SheerLuxe generated revenues of £12.6m
and EBITDA of £5.1m.

 

The Acquisition is for an initial cash consideration of £39.9m on a cash-free
debt-free basis to acquire 100% of SheerLuxe, and represents an EV/ LTM EBITDA
multiple of 7.8x.

 

Total acquisition consideration is capped at £80m. This would require the
delivery of an ambitious business plan and continued double-digit EBITDA
growth through to FY 2029 and continued employment of SheerLuxe current
management team.

 

The Acquisition will be funded from existing facilities, with an incremental
interest cost of ~£3m. The Group will continue with its fifth share buyback
programme of £30m and will de-lever quickly with its high free cash flow
generation.

 

The Group is expected to be at 1.1x by 30 September 2026, consistent with its
leverage policy.

 

In line with our strategy, the Group is proactively reviewing opportunities to
optimise its portfolio to ensure all assets are driving the platform effect
and that all excess cash is returned to shareholders, delivering sustainable
shareholder value creation.

 

Kevin Li Ying, CEO of Future, said: "I am delighted to welcome the SheerLuxe
team to Future. We have long admired SheerLuxe for the status and brand
credibility it has established in fashion, beauty and lifestyle. With a rare
combination of strong growth characteristics and a loyal, high-value audience,
SheerLuxe will be highly complementary to our portfolio and will benefit from
our scale and commercial capabilities."

Georgie Coleridge Cole, founder of SheerLuxe, said: "Joining Future represents
a huge milestone for SheerLuxe. Since it was founded in 2007, SheerLuxe has
become an authoritative voice on fashion, beauty, culture and lifestyle
focused on inspiring, educating and entertaining our fast-growing audience.
With its innovative approach to media, Future is a natural home for us, and we
are excited about what we can achieve working with Kevin and the wider team."

 

A video presentation of the Acquisition is available on our website at:
https://futureplc.com/investor-results-events/
(https://futureplc.com/investor-results-events/)

 

The Group will announce its AGM statement on 5 February 2026.

 

Enquiries

 

Future plc

Kevin Li Ying, Chief Executive Officer                 +44 (0)1225
442244

Sharjeel Suleman, Chief Financial Officer

Marion Le Bot, Head of Investor Relations          +44(0)7775 641509

 

 

Media

Headland
                  +44 (0) 20 3805 4822

Stephen Malthouse, Rob Walker

future@headlandconsultancy.com

 

Legal Entity Identifier (LEI): 213800K2581YRLEXV353

 

About Future

We are the platform for creating and distributing trusted, specialist content,
to build engaged and valuable global communities. We operate c.175 brands in
diversified content verticals, with multiple market leading positions and
three core monetisation frameworks: advertising, eCommerce affiliate and
direct consumer monetisation (subscriptions and newstrade magazine sale). Our
content is published and distributed through a range of formats including
websites, email newsletters, videos, magazines and live events. The successful
execution of our strategy is focused on three pillars: grow engaged audience,
diversify and grow revenue per user and optimise the portfolio.

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