Me+Em Revenue Rises 29% to £190M as Highland Europe Increases Stake

Me+Em posted revenue of 190 million pounds in 2025, up 29 percent year-over-year, and sold a pair of trousers every minute across the year. The London-based womenswear brand will receive the 2026 WWD Honor for Best-Performing Private Fashion Company on the strength of those numbers.

EBITDA has more than tripled over the past four years to 37 million pounds. Rolling 12-month global revenue reached 215 million pounds in early 2026, growing 24 percent year-over-year, with total U.S. revenue up 48 percent to 84 million pounds over the same period, the company said.

What drives the margin structure?

Founder and CEO Clare Hornby runs a direct-sourcing model with no intermediaries. "We don't have middlemen. I'm obsessed with quality, and in order to offer the highest standard at an accessible price, we handle everything ourselves, in-house," she said. "No third parties mean no unnecessary markups. We no longer have to choose between luxury and cost."

The model also excludes wholesale entirely. "This business model is about control, following our data," Hornby said, selling in-season collections on a see-now, buy-now basis. Pricing stays accessible: many dresses sell under 300 pounds, some trouser styles under 200 pounds.

How fast is the U.S. scaling?

Me+Em entered the U.S. with three New York stores in the first half of 2024, after Hornby saw online orders clustering around Manhattan. U.S. revenue rose 39 percent to 65 million pounds in 2025, driven by double-digit online growth and three new stores, including Greenwich, Conn., and North Beverly Drive in Beverly Hills.

All U.S. stores were profitable in their first year of trading and delivered significant like-for-like sales growth in year two, according to the brand. Over three years, the active U.S. customer base has nearly quadrupled, with VIP customers growing faster.

The network now counts 11 U.K. stores and eight U.S. stores. Openings in Houston, Los Angeles and Paris are set for the coming months, with teams scouting further U.S. locations. Hornby's site-selection rule: open where there is a "strong local community and visitors, too."

How does the product strategy support repeat purchase?

Hornby applies a four-part test to every style. "A great deal of thought goes into each and every piece to ensure it is flattering and functional, is created fairly and ticks the box for contemporary fashion appeal," she said. If a piece fails any box, "we don't make it."

The brand launched Suit Lab earlier this year, letting customers combine jackets and trousers online and in-store. Hornby frames it as encouraging customers to "buy less and make their pieces work harder," positioning the suit as the foundation of a capsule wardrobe alongside matching dresses, tops and a reversible belt.

Product engineering extends to footwear. Hornby developed a block-heel loafer with her osteopath before launch and now employs an in-house podiatrist consulting on designs.

Loyalty metrics followed. In fiscal 2025, 46 percent of all customers placed a second order — a rate Me+Em calls industry-leading.

What changed with the investor?

Last week, private equity backer Highland Europe, which first took a stake in 2022, increased its holding, which the company said underscores confidence in the brand's growth trajectory.

Hornby, a former Harrods marketing employee with backgrounds in advertising, data and customer insight, reads retail data weekly and speaks to customers directly rather than using focus groups. The company launched online in 2009 as a DTC proposition; the first stores opened nearly a decade later on New Cavendish Street and Draycott Avenue in London, with the first Marylebone flagship opening two years ago.

Queen Camilla has granted the brand a Royal Warrant as an official supplier of clothing and accessories, placing Me+Em alongside Burberry, Gieves & Hawkes and Anya Hindmarch. With momentum described as strong into 2026, the Houston, Los Angeles and Paris openings will test whether the controlled, data-led model scales beyond its established markets.