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Moonpig

Moonpig Group plc is a leading company that operates an online platform for personalized cards, gifts, flowers, and digital experiences, primarily serving customers in the and the . Founded in 2000 as the UK's first online card retailer, the company has grown into an international group with a focus on creating personal connections through customizable products and subscription services. The company's core brand, Moonpig, offers a wide range of physical and digital greeting cards, along with add-on gifts like flowers and experiences, while its Dutch counterpart Greetz provides similar personalized offerings tailored to the local market. In 2022, Moonpig Group expanded its portfolio by acquiring Buyagift and , which specialize in experiential gifts such as vouchers for activities and adventures, enhancing its gifting ecosystem. These brands collectively generate revenue across key markets, with the accounting for 83% of sales, followed by the at 14%, and smaller contributions from , , and the . Moonpig Group went public on the London Stock Exchange in February 2021, marking a significant milestone in its evolution from a startup to a publicly traded entity with over 20 years of operation. By fiscal year 2025, it had served 12 million active customers, processed 35.3 million orders, and delivered 50.4 million cards and gifts, supported by innovations like AI-generated messages, video cards, and subscription-based "Plus" memberships for over 920,000 users. The platform emphasizes technology-driven , including customer reminders for occasions and an average order value of £8.82, with gifts comprising 47% of revenue.

History

Founding and early development

Moonpig was founded in April 2000 by in , . The name originated from Jenkins' childhood nickname at school, which he adopted for the brand to create a memorable and unique identity. Inspired by the limitations of traditional greeting cards, Jenkins envisioned an online platform where users could easily personalize messages and designs, addressing the need for more customizable options beyond what high-street retailers offered. Prior to launching Moonpig, Jenkins had built a career in commodities trading, spending eight years in working for after studying at the . Returning to the in 1998, he pursued an MBA at , where the idea for Moonpig took shape as he sought better ways to send cards to friends and family. Upon launch, Moonpig positioned itself as the 's first online retailer of physical greeting cards, leveraging early technology to allow customers to photos, add custom text, and order printed cards for delivery. The company faced significant hurdles in its early years amid the dot-com bubble's burst, which slowed consumer adoption of and strained the nascent sector. Jenkins bootstrapped the venture with approximately £750,000 of his own savings from his trading career, supplemented by remortgaging his flat, before raising additional funds from angel investors. Operational challenges included outsourcing website development, which led to frequent crashes due to Jenkins' limited technical expertise at the time, prompting the hiring of an in-house IT team to stabilize the platform. In its first year, Moonpig achieved key milestones by successfully sending initial personalized cards and refining its basic website to support photo uploads and custom messaging, relying primarily on word-of-mouth growth due to limited marketing options in the slow-dial-up era. These foundational efforts established the core of single-card personalization, setting the stage for gradual expansion despite five years of financial losses.

Acquisition by Photobox and growth phase

In July 2011, acquired Moonpig in a merger valued at £120 million, primarily through shares with some cash and bank financing, marking a significant milestone for the personalized greetings card retailer. Founder received a substantial payout estimated at £42 million from the deal, which valued the company based on its strong performance at the time. By the ending April 2011, Moonpig had achieved revenues of £38 million and shipped over 12 million personalized cards annually to nearly three million customers, supported by a workforce of around 100 employees. The integration into Photobox's portfolio enhanced Moonpig's photo-printing capabilities, enabling more advanced features such as seamless photo uploads and prints integrated into cards and gifts. This facilitated initial testing of international markets, with Photobox's footprint providing infrastructure for expansion beyond the ; a key step was the acquisition of platform Greetz, which complemented Moonpig's offerings and established the group as a leader in online greetings across . Revenues for Moonpig specifically grew to £46 million by 2013, reflecting a 15% increase driven by expanded product ranges and holiday sales boosts. From 2011 to 2020, Moonpig experienced robust growth amid the surge, with revenues rising to £96.6 million in 2019 and £126.5 million in 2020 for the Moonpig brand alone, fueled by increased online adoption during the . Staff numbers expanded significantly to an average of 368 employees by 2020, supporting operational scaling and technology investments. The introduction of a in the early , with major enhancements and in the mid-2010s, played a pivotal role; by late 2014, nearly 38% of transactions occurred via mobile devices, contributing to higher . Early campaigns targeted holiday seasons, such as and promotions featuring emotional storytelling like the "Share a Moment, Share a Moonpig" series, which amplified seasonal order volumes and .

Demerger, IPO, and recent expansions

In late 2020, amid a surge in e-commerce driven by the COVID-19 pandemic, Moonpig was demerged from the Photobox Group by its owner, Exponent Private Equity, to operate as an independent entity. This separation culminated in the incorporation of Moonpig Group plc on 23 December 2020, initially under the name Project Titan plc, which was changed to Moonpig Group plc on 8 January 2021. The move allowed Moonpig to capitalize on heightened online gifting demand during lockdowns, with sales and profits significantly boosted by the shift to digital retail. Following the , Moonpig Group plc pursued an (IPO) on the London under the ticker LSE: MOON. The IPO was priced in February 2021 at 350 pence per share, valuing the company at approximately £1.2 billion and raising £20 million in new capital for expansion, while existing shareholders sold additional shares. Although initial expectations targeted a valuation exceeding £1 billion, the final pricing reflected adjustments amid volatile market conditions at the time. Shares rose 25% on the first day of trading, underscoring strong investor interest in the post-pandemic sector. In May 2022, Moonpig expanded its offerings beyond personalized cards into experiential gifting by acquiring Smartbox Group UK Limited, trading as Buyagift, for £124 million in cash. The deal, completed in July 2022, integrated Buyagift's platform, which includes brands like , to broaden Moonpig's portfolio with experiences such as spa days and adventure activities, aiming to position the group as a comprehensive gifting destination. Through 2025, Moonpig has pursued initiatives, including multiple share buyback programs. In 2025 (ending March 2025), the company executed a £25 million repurchase program in the second half, followed by a £30 million program in the first half of 2026, with transactions continuing into October and November 2025, such as the repurchase of 97,100 shares on 14 May 2025 and further purchases announced on 9 November 2025. Additionally, Moonpig committed to sustainability goals, pledging to reduce Scope 1 and Scope 2 emissions by at least 50% by 2030—validated by the —and achieve net zero direct emissions by 2050, with ongoing supplier engagement to address Scope 3 emissions.

Products and services

Personalized greeting cards

Moonpig's personalized greeting cards form the cornerstone of its product offerings, allowing customers to create custom messages for various occasions using an intuitive online platform. These cards are designed to be more than simple notes, incorporating to foster emotional connections. The service enables the upload of personal photos, the addition of handwritten-style messages, and the selection from thousands of templates, ensuring each card feels unique and tailored. The range of card types spans everyday celebrations and significant life events, including that can feature celebratory themes with photo collages, anniversary cards highlighting shared memories through customizable designs, holiday cards such as those for and with festive or romantic motifs, and sympathy cards offering gentle, supportive sentiments often paired with subtle imagery like florals or doves. All types support printing with user-uploaded photos, personalized text, and design elements like stickers or emojis at no additional cost. Customization occurs through user-friendly online tools where individuals select a base template, add text in various fonts and colors, incorporate images or videos, and adjust layouts for standard, large, or square formats. In the , Moonpig introduced AI-assisted suggestions via its Writing Assistant feature, which generates heartfelt message ideas based on occasion and recipient details to aid those seeking inspiration. This process is streamlined into a few steps, from design selection to preview, emphasizing ease for non-designers. Cards are printed on high-quality, sustainably sourced , with 100% of paper, envelopes, and packaging in the and meeting FSC/PEFC or containing over 75% recycled content by fiscal year 2025. Production occurs in facilities across the (including and ), the , , and to minimize emissions through local printing. Delivery options include same-day dispatch for orders placed before 2 PM local time, next-day service via or tracked carriers, and global shipping for international recipients, often at standard postage rates. As the online market leader in personalized cards, Moonpig holds approximately 70% share of the online single cards market and 65% share of the online single cards market as of 2024 (through Greetz), delivering over 50 million personalized cards and gifts annually by 2025 to support its position in the shifting landscape. These cards can be bundled briefly with complementary gifts for enhanced gifting experiences.

Gifts, flowers, and additional offerings

Moonpig offers a range of personalized beyond greeting cards, including items such as mugs, cushions, calendars, and chocolates, which can often be bundled with cards for a complete gifting package. Personalized mugs feature custom photos, names, and messages, available in various designs for occasions like birthdays and anniversaries. Similarly, cushions and soft furnishings allow for photo uploads and text customization to create cozy, decor items. Calendars are customizable with personal images for each month, serving as practical yet sentimental year-round reminders. Chocolates, including truffles and gift sets, can be personalized with wrappers or messages, often paired with other treats for added indulgence. In the realm of flowers, Moonpig provides next-day delivery of fresh bouquets and plants through partnerships with suppliers, with expansions including premium ranges launched in collaboration with brands like Next and following 2020. These offerings feature hand-tied arrangements such as roses, peonies, and seasonal blooms, integrated with for seamless ordering and often bundled with cards or add-ons like chocolates. A key partnership with , expanded in 2020, supports reliable delivery of these perishable items across the . Experiential gifts became a significant addition to Moonpig's portfolio following the 2022 acquisition of Buyagift for £124 million, enabling offerings of vouchers for activities like days, adventure experiences, and short breaks. This move diversified the company's gifting options, with experiences such as afternoon teas, driving adventures, and luxury getaways now available directly through the platform, often redeemable at partner venues nationwide. In 2025, Moonpig launched physical gift ranges in and retail gift cards in the United States. To foster customer loyalty, Moonpig introduced subscription models in the , including recurring experience vouchers and gift boxes delivered periodically. Examples include monthly beauty boxes from GLOSSYBOX and subscriptions from , providing ongoing value and convenience for repeat gifting. These plans complement the core card service, encouraging bundled purchases over time.

Business operations

E-commerce platform and technology

Moonpig's e-commerce platform operates on a composable commerce architecture powered by , integrated with for payments and for content management, enabling modular and flexible operations. This setup transitioned from a legacy to a cloud-native, serverless model hosted on (AWS), which supports auto-scaling to manage peak holiday traffic—such as during or —where demand can double annually without incurring excessive costs. To optimize performance, the platform employs SiteSpect's server-side capabilities, allowing experimentation with features like product recommendation displays to enhance conversion rates and user engagement without disrupting site functionality. Order fulfillment is centered in UK-based facilities, where automated processes handle personalized and gifts, with recent investments in giant card printers and parcel sortation systems to streamline production for FY26. Integrated partners, including and , ensure efficient dispatch, with same-day processing for orders placed before cut-off times (typically 9pm for tracked services) and delivery windows of 24-48 hours for standard items like giant cards and gifts via Tracked. This infrastructure supports rapid turnaround, including next-day options for over 33% of card-only orders by 2025, through Moonpig's Guaranteed Delivery service. The platform leverages data analytics from a database of over 101 million customer occasion reminders to drive personalized recommendations via algorithms, which analyze purchase history and sentiment to boost conversion rates and average order value—nearly 40% of orders are linked to these reminders within seven days. This system processes an annual volume of 35.3 million orders across cards and gifts, enabling targeted suggestions that replicate in-store browsing experiences online. For sustainability, Moonpig implements carbon tracking across its , monitoring Scope 3 emissions from shipments—which account for a significant portion of indirect impacts—and achieving a 4.4% year-on-year reduction in absolute Scope 3 emissions (FY25: 77,330 tCO₂e), from an FY22 baseline of 80,928 tCO₂e. These efforts align with SBTi-validated goals to reduce Scope 1 and 2 emissions by 50% by 2030 and 90% by 2050, while offsetting unavoidable emissions and securing net-zero commitments from suppliers covering 28.8% of Scope 3 emissions by 2025.

Personalization and user experience features

Moonpig's design studio provides users with an interactive card editor that enables the addition of personal photos, stickers, and emojis to customize greeting cards. Users can upload images directly into templates and incorporate handwritten messages by photographing their own writing or drawing digitally with a finger or on compatible devices. The platform supports as a customizable font option, allowing customers to upload samples for conversion into digital text that matches their style. These tools facilitate seamless without requiring advanced design skills. Since 2020, Moonpig has integrated enhancements to streamline customization, including the Writing Assistant, which generates suggested messages based on inputs such as occasion, recipient details, and shared experiences. This feature, available on web and , produces editable, heartfelt text to overcome . Additionally, -powered sticker generation lets s create bespoke images by describing ideas, such as themed illustrations, resulting in over two million personalized visuals produced monthly. These innovations, including -driven handwriting digitization launched in December 2024, have contributed to a 10% increase by boosting engagement and conversion rates. The Moonpig mobile app optimizes personalization for on-the-go use, featuring voice note recording for audio messages integrated via QR codes on cards and video uploads for dynamic greetings. Exclusive to the app, an (AR) tool allows users to visualize card sizes in real life by overlaying previews on their surroundings. These capabilities, combined with easy access to photo uploads and AI sticker creation, enhance convenience and encourage frequent app interactions. Moonpig prioritizes through adherence to (WCAG) 2.1 Level AA, ensuring the platform is usable for individuals with disabilities via features like keyboard navigation and compatibility. options include diverse character illustrations in card templates to represent varied backgrounds. The site supports non-English characters from European languages, enabling multilingual messaging in fonts like Noto Sans when standard options are unavailable. Ongoing audits and training further promote an equitable .

Corporate affairs

Ownership and governance

Moonpig Group plc is a publicly traded company listed on the London Stock Exchange under the MOON since its in February 2021. As of September 2025, major shareholders include institutional investors such as & Co., holding approximately 11.41% of shares, and PLC, with about 9.88%. The company's leadership is headed by Nickyl Raithatha, who has served in the role since June 2018. Catherine Faiers was appointed as his successor on October 31, 2025, with her start date to be announced in due course. Raithatha, who joined the board in December 2020, oversaw the company's growth and public listing. The founder, , established Moonpig in 2000 but has not held an executive or directorial position since selling the company in 2011. The is Andy MacKinnon, appointed to the board in December 2020. Moonpig adheres to the UK Corporate Governance Code, as updated in 2024, with full compliance except for Provision 29 on internal controls, which is targeted for FY27 implementation. The board consists of seven members, including a non-executive chair and four independent non-executive directors, representing over 50% independence to ensure balanced oversight. Key independent directors include David Keens (Senior Independent Non-Executive Director, appointed January 2021), Susan Hooper (appointed January 2021, who also leads on sustainability matters), Niall Wass (appointed January 2021), and ShanMae Teo (appointed June 2022). The board operates through three main committees—Audit, Nomination, and Remuneration—all chaired by independent directors—to support governance and risk management. Sustainability efforts, integrated into the company's ESG strategy, are overseen by the board without a dedicated committee, focusing on environmental goals aligned with Science Based Targets initiative (SBTi) criteria. The company's headquarters are located at 10 Back Hill, , EC1R 5EN, . As of the fiscal year ended April 30, 2025, Moonpig employed 670 people, comprising 544 in administration and 126 in roles.

Financial performance and position

Moonpig Group's has demonstrated resilience following a post-lockdown adjustment, with annual figures reaching £350.1 million in fiscal year 2025 (ending April 2025), marking a 2.6% increase from £341.1 million in FY2024. This recovery builds on a dip to £304.3 million in FY2022 after a pandemic-fueled peak of £368.2 million in FY2021, driven by heightened online gifting demand, followed by normalization in . Subsequent growth to £320.1 million in FY2023 and the FY2024 figure reflects strategic expansions, including the 2022 acquisition of Buyagift, which bolstered the gifts segment and contributed to sustained double-digit order volume increases at the core Moonpig brand. exhibits strong , with approximately 55% generated in the second half of the fiscal year, peaking during holidays such as , , and . Profitability has improved steadily, with adjusted EBITDA reaching £96.8 million in FY2025, achieving a margin of 27.6%, up slightly from £95.5 million (28.0% margin) in FY2024 and £84.2 million (26.3% margin) in FY2023. Adjusted EBITDA was £74.9 million in FY2022 (24.6% margin) amid integration costs from the Buyagift acquisition and broader market normalization, but margins have since expanded through operational efficiencies and cost controls. The company targets medium-term adjusted EBITDA margins of 25-27%, supported by scalable operations and synergies from acquisitions. Despite positive EBITDA trends, remained negative at -£11.1 million in the latest , influenced by non-cash impairments in the experiences gifting division. In the UK online greeting cards market, Moonpig holds a dominant position with approximately 70% share among specialists, far ahead of competitors like Funky Pigeon (12% share) and digital offerings from Hallmark. This leadership extends to the broader online gifting sector, where the company commands significant volume through personalized cards and integrated gifts, flowers, and experiences. Expansion into the , particularly via the Greetz brand in the and cross-border gifts, has grown international revenue to represent about 20% of the total, with the , , and markets showing double-digit growth in FY2025. Overall, Moonpig's scale positions it as the leading digital gifting platform in its core markets, capturing over 15% of the UK's total physical singles cards value online. Following its on the London in February 2021 at £1.75 per share, Moonpig's experienced , with the declining from £1.4 billion at listing to approximately £660 million by late 2025 amid market pressures and acquisition-related adjustments. In a signal of management confidence, the company initiated multiple share buyback programs in 2025, including a £30 million repurchase announced in November as part of a broader £60 million FY2026 commitment, aimed at returning excess capital to shareholders.

Security and controversies

2015 data exposure incident

In January 2015, a significant vulnerability in Moonpig's mobile application was publicly disclosed by independent developer Paul Price, who had initially identified the issue in August 2013 and privately notified the company multiple times without resolution. The flaw stemmed from an unsecured mechanism that permitted unauthorized users to impersonate others and access sensitive through simple calls, potentially affecting all of Moonpig's approximately 3.7 million registered users at the time. The exposed data included customers' full names, postal addresses, dates of birth, addresses, numbers, partial details (last four digits and expiry dates), and order histories, though no full , passwords, or records were compromised. To mitigate the risk, Moonpig promptly shut down its mobile apps and the vulnerable within hours of Price's public post, while confirming that the desktop remained unaffected. Moonpig's initial response included a brief statement acknowledging the claims and emphasizing an ongoing investigation, but the company did not issue a detailed official announcement or directly notify affected customers at the time. The incident garnered widespread media attention in the UK, with coverage from outlets such as and highlighting the 17-month delay in addressing the vulnerability. The UK's (ICO) confirmed it was aware of the incident and launched an investigation into potential breaches of the , focusing on Moonpig's (then owned by Group) failure to implement adequate security measures.

July 2015 password breach

In July 2015, Moonpig identified another security issue when an unspecified number of customer email addresses, account balances, and hashed passwords were illegally obtained and published online. The company blocked the affected accounts as a precaution and notified impacted customers to change their passwords. A related cyber-attack was later prosecuted, with the perpetrator receiving a and in 2016.

Privacy policies and subsequent improvements

In the wake of the exposure incidents, Moonpig enhanced its framework to prioritize robust protection and user trust. The company revised internal processes and controls through a comprehensive cross-functional aimed at strengthening its overall posture across its operations, including those of its Greetz subsidiary. Moonpig achieved compliance with the 's (UK GDPR) and the following the EU regulation's implementation in 2018. This includes obtaining explicit consent from users for processing in features, such as custom card recommendations, and for purposes, ensuring all usage aligns with lawful bases like consent or legitimate interests. The company maintains a Record of Processing Activities (RoPA) and conducts Data Protection Impact Assessments (DPIAs) to evaluate risks associated with data handling, with potential fines modeled at up to £17.5 million for significant breaches under GDPR scenarios. To address vulnerabilities, Moonpig implemented key security upgrades, including multi-factor authentication (MFA) for access controls, endpoint detection and response (EDR) systems, and network segmentation to isolate sensitive data flows. APIs were fortified with authentication requirements and rate limiting to prevent unauthorized access, building on lessons from past exposures. User uploads for personalized products are protected through encryption of personal data in transit and at rest where appropriate, alongside restricted access limited to authorized personnel on a need-to-know basis. By 2025, the company conducts regular vulnerability patching and operates a dedicated Technology Security Team that performs ongoing risk assessments and privacy impact evaluations. Significant investments in cybersecurity continue, with a multi-year goal to implement a full information security management system aligned with the NIST Cybersecurity Framework by 2030. Moonpig provides users with enhanced privacy features to empower data control, including rights to access, rectify, erase, restrict processing, object to usage, and port personal data without undue fee unless requests are manifestly unfounded or excessive. Users can request data deletion via [email protected], with erasure processed where no overriding legitimate grounds exist for retention. Analytics are conducted using aggregated and anonymized data to improve services without identifying individuals. The company issues notifications for personal data breaches as required under UK GDPR if there's a high risk to users' rights, and no major breaches have been reported since 2015, reflecting effective preventive measures. As a London Stock Exchange-listed entity, Moonpig undergoes ongoing external audits of its information security practices, integrated into broader financial and operational reviews to meet regulatory standards. While specific certifications like ISO 27001 are not publicly detailed, the company's security framework aligns with international best practices, including the , supported by a 'three lines of defence' model for .

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