Neom was founded in 2005 by friends Nicola Elliott and Oliver Mennell. After spending seven hectic years as an editor at Glamour magazine, Nicola noticed her own wellbeing, and that of her close friends, was affected by the stress and demands of modern life. She quit journalism to train as an aromatherapist and nutritionist before founding Neom with former investment analyst Oliver Mennell, to focus on improving people’s wellbeing through home fragrances and skincare. The brand name is an acronym of their initials.
Neom products are designed to deliver therapeutic benefits to relieve stress, aid sleep, boost energy or lift mood by using 100 per cent natural fragrances for the mind and body. All products are made in Britain from ethically sourced, sustainable origins, using only natural and organic ingredients, no petrochemical paraffin or mineral waxes, no artificial perfumes, only pure essential oils and no harsh preservatives.
Based in Harrogate and employing 50 people, Neom is a fast-growing multi-channel business. Retail sales value has grown by 35% this year to reach £18m. Its home fragrance and skincare ranges are sold through leading department stores such as John Lewis, Selfridges and Fenwick in the UK as well as flagship international stores such as Isetan in Japan. Neom has a thriving online business and three of its own retail stores – two in London (Chelsea and Wimbledon), one in Leeds – with further openings planned.
Piper’s investment in Neom will provide the funding to enable the business to expand its product range, develop the senior team, open additional stores and increase its international footprint. It is the third investment from Piper’s sixth fund, Piper VI, which recently closed at £125m.
Oliver Mennell said: ‘We first met Piper in 2009 and, since then, we have regularly worked with the team and drawn on their knowledge and expertise to help us achieve our growth ambitions.’ Nicola Elliott added: ‘We are immensely proud of Neom and excited about the potential we have to help more and more customers meet their wellbeing needs. We genuinely believe Neom gives them easy, small steps that can help them feel their best every day.’
Libby Gibson, partner at Piper, said: ‘We know from all our research that, with such busy lives, consumers are increasingly concerned about their wellbeing. We have admired Neom for many years and have been consistently impressed with the quality of its products and how the brand addresses a real and growing consumer need. We look forward to helping Nicola, Oliver and the team build on their success.’
Financial due diligence was provided by Tom Hayes from Sentio Insight and Russ Cahill from Tax Advisory Partnership.