The pair founded the business in 1989, taking data generated from retailers’ checkouts and turning it into bespoke marketing intelligence. But it was in 1995 when they signed the deal of a lifetime with Tesco, after being introduced by Evans Hunt Scott, that the business really took off.
Initially launched as a simple coupon programme, Tesco Clubcard has been credited as one of the key driving forces behind the transformation of the retailer from the ‘pile it high, sell it cheap’ philosophy of founder Jack Cohen to the global force it is today.
The supermarket took a majority stake in the business in 2001, and the pair sold their final 10% stake at the end of 2010, for £48m. The pair estimated they had netted £93m in total, as the valuation rose over time linked to the rise in profits.
A recent interview in The Sunday Times reported that they were paid £600,000 a year and have villas in West London, Gloucestershire and Majorca.
They stepped down as chairman and chief executive of DunnHumby at the end of 2010, handing the reins to Simon Hay.
Since then, the pair had remained as advisers to the company in non-executive roles. But Hay is quoted as saying: “In their former roles, Edwina and Clive helped shape our values and culture nearly 25 years ago. They are no longer involved in the business.”
To leave a comment please register – it takes less than a minute and is free of charge. You will also get our weekly email update The DM Report (to opt out contact email@example.com). If you are an existing user, please log in. If you have forgotten your log-in details please email firstname.lastname@example.org to get them reset!