🧠 Food for thought

Implications, context, and why it matters.

The 2 billion pounds (US$2.68 billion) valuation masks a mixed set of numbers

• A buyer would get a company focused on profit, while revenue at the British online retailer fell 1.8% to 2.1 billion pounds (US$2.8 billion) in FY25, its 2025 financial year 1.
• That approach pushed adjusted EBITDA margin to a record 14.7% and cut operating costs, excluding accounting revaluations, to their lowest share of revenue on record 1.
• The gains did not stop a much larger loss before tax, which widened to 505.4 million pounds (US$678 million) from 16.3 million pounds (US$21.9 million) a year earlier 1.
• Results also split by category. Home grew 9.9%, while fashion and sports fell 3.7% in a market shaped by heavy discounting 1.

JD.com would also gain a built-in payments business

• The appeal may reach beyond retail sales, since a foreign buyer would get a payments operation that is hard to build from scratch 1.
• The Very Group describes itself as a “multicategory digital retailer and flexible payments provider” 1.
• Its financial services arm, along with shifts in what it sold, lifted gross margin to 36.6% in FY25 1.
• If a deal goes through, it could give global ecommerce groups a route into mature Western markets through established retailers with loyal shoppers who use store credit 1.