Richmond-based online retail group YOLO has bought a multi-million pound share in the world’s largest hammock maker.
YOLO has bought to stake in its current supplier, Amazonas GmbH.
The Finkle Street-based company, which owns and operates several retail brands and sells to over 48 countries, acquired a small hammock business called Simply Hammocks in 2016 which is now Europe’s largest hammock retailer.
The company said the deal would help Simply Hammocks secure their UK supply post-Brexit and help unlock further opportunities globally, with the recent launch of the Simply Hammocks USA website and upcoming European sites in the pipeline.
Scott Woodhead, YOLO founder, said: “When we acquired Simply Hammocks all those years ago it was a tiny business but had huge potential, so it is a huge personal and professional achievement to be now in this position owning a key supplier like Amazonas, which I have always looked up to as being the best hammock manufacturer in the world.”
With their headquarters in Germany, Amazonas GmbH was founded by Matthias Saul over 30 years ago as he travelled through South America in a canoe, sleeping in a hammock he made with the help of the Huaorani Indian tribe.
He loved it so much that when he returned home he set up a company selling hammocks.
Matthias Saul, president of Amazonas GmbH, said: “Sharing the same values of making customers happy with great products, Amazonas and YOLO have been valued business partners for several years.
“YOLO now becoming a shareholder in Amazonas deepens the already strong relationship between our companies.
“This investment and continuous partnership allows Amazonas to focus on growing our brand internationally and further developing our brand as the largest manufacturer of hammocks in the world.”