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Ex-Ideal Shopping CEO Hancox to lead experienced Fruugo board

Experienced retail executive Mike Hancox has joined online marketplace Fruugo as its new chairman.

Hancox, who ended a ten-year stint as CEO of home shopping multichannel retailer Ideal Shopping Direct earlier this year, will lead the Fruugo board as it looks to continue its recent growth trajectory.

Over €40 million has been invested in the business to date and the site now attracts over one million visitors a week with more than 85% of transactions cross border. Directors include Alan White, the former CEO of N Brown Group, and Nick Carter the ex-CFO of Halfords.

Other shareholders include Lord Stuart Rose, ex-chairman and CEO of Marks & Spencer, Angus Monro, ex-CEO at Matalan, and Barry Gibson, the chairman of Homeserve and ex-CEO of Littlewoods.

Hancox brings with him years of retail experience, which also includes spells as CEO at Shop Direct and Otto UK. He left Ideal Shopping in May after private equity owner Blackstone began the process of selling the business, which operates brands such as Create & Craft and Ideal World. Hancox is also a non-executive director at delivery technology company, Sorted Group.

"I am joining Fruugo at what is an incredibly exciting time for the business,” he noted.

“I look forward to leading the already impressive board of Fruugo.com, which is one of the UK’s most dynamic tech growth stories, as we expand our one-stop global marketplace to reach more and more shoppers and retailers all around the world.”

He added: “Cross-border online shopping is seeing extraordinary growth worldwide and Fruugo, with its unique and proprietary global platform, is in a fantastic position to build on its already impressive growth. We already compete with the likes of Amazon, Alibaba, Ebay and Rakuten as we bring more choice to international shoppers.”

Fruugo was founded by current CEO Dominic Allonby in 2006. He said the business is looking at fundraising options “to further power our growth in the years ahead".