What Joyce Corporation does

Joyce Corporation Ltd (ASX: JYC) is an Australian publicly-listed holding company that invests in and operates well-established, consistently performing Australian businesses with strong organic growth potential. The group operates through two wholly-owned subsidiaries: KWB Group, which leads the 'do it for me' kitchen and wardrobe renovation market across Queensland, NSW, and South Australia via trading brands Kitchen Connection and Wallspan, supported by a growing company-owned showroom network; and Bedshed, one of Australia's most recognised bedding and home furnishings retailers, operating a hybrid model of franchise stores, company-owned stores, and e-commerce. The group also wound down the Crave pilot during FY25.

In FY25, Joyce Corporation generated group revenue of AUD 148.2 million (up 2% YoY), with KWB Group contributing AUD 120.4 million and Bedshed AUD 27.2 million. Reported group EBIT was AUD 22.7 million (15.3% margin) and normalised NPAT attributable to shareholders was AUD 8.2 million. The balance sheet ended FY25 with a net cash position of AUD 39.2 million, supporting continued investment in showroom expansion and franchise growth. KWB delivered a 20.2% EBIT margin, supported by brand strength, a unique service offering, and rigorous cost control.

Revenue is generated on a transaction-fee basis through physical showrooms (KWB) and retail storefronts/e-commerce (Bedshed). The company is headquartered in Osborne (with a Perth corporate office) and operates with 251–500 employees. Pricing is consultation- and showroom-based and is not publicly disclosed. The CEO is Dan Madden, with Cameron Crowell appointed Group CEO of KWB following a structured leadership transition from co-founder John Bourke.

Name

Joyce Corporation

Legal name

Joyce Corporation Ltd

Website

https://joycecorp.com.au

Company type

Public

Founded year

1886

Operating status

Operating

Headcount range

251–500 employees

Short description

Joyce Corporation (ASX: JYC) is an Australian holding company operating KWB Group (kitchen and wardrobe renovation showrooms under Kitchen Connection and Wallspan) and Bedshed (bedding and home furnishings retail via franchise and company-owned stores). It serves Australian homeowners and consumers.

Ownership category

akta.pro rank

Headquarters

HQ city

Osborne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. KWB Group Revenue: KWB Group generates revenue through kitchen and wardrobe renovation services via its trading brands Kitchen Connection and Wallspan, operating showrooms in Queensland, NSW, and South Australia. FY25 revenue was $120.4 million with EBIT of $24.3 million (20.2% margin).
2. Bedshed Revenue: Bedshed generates revenue through retail sales of quality bedding and home furnishings, operating both franchise stores and company-owned stores, supported by e-commerce. FY25 revenue was $27.2 million with EBIT of $4.3 million.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Joyce Corporation operates through two wholly-owned subsidiaries: (1) KWB Group, which delivers kitchen and wardrobe renovation services under the Kitchen Connection and Wallspan trading brands through company-owned showrooms in Queensland, NSW, and South Australia, and (2) Bedshed, which sells quality bedding and home furnishings across Australia through a combination of franchise stores, company-owned stores, and an e-commerce platform. In FY25, KWB generated $120.4 million in revenue and $24.3 million EBIT, while Bedshed generated $27.2 million in revenue and $4.3 million EBIT.

Product overview

Joyce Corporation is an ASX-listed holding company operating two distinct business segments: KWB Group (encompassing Kitchen Connection and Wallspan brands) which dominates the Australian kitchen and wardrobe renovation market, and Bedshed which operates in the bedding and home furnishings retail sector. The two divisions operate independently with separate brand identities, franchise networks, and showrooms, unified under the parent company's investment and governance structure.

Differentiator

Problem solved

Functional benefit

Brands

• Kitchen Connection: Trading brand of KWB Group operating in the kitchen and wardrobe renovation market
• Wallspan

Products and services

• KWB Group (Kitchen Connection and Wallspan) KWB Group delivers kitchen and wardrobe renovation services through its trading brands Kitchen Connection and Wallspan, targeting the 'do it for me' renovation market across Queensland, NSW, and South Australia. The service combines design, product supply, and professional installation through company-owned showrooms, with over 4,800 five-star reviews on Australia's largest independent consumer review platform. FY25 revenue of $120.4 million and EBIT of $24.3 million (20.2% margin).
• Bedshed Bedshed supplies quality bedding and home furnishings across Australia through franchise stores, company-owned stores, and an e-commerce platform. It is one of the industry's most recognisable bedding and home furnishings brands, with a long-term network target of 65+ stores. FY25 revenue of $27.2 million and EBIT of $4.3 million.

Quantifiable outcome

• Revenue of $148.2 million in FY25
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Freedom Furniture: Australian furniture and homewares retailer (owned by Adairs) operating showrooms nationally. Direct peer to Joyce's KWB Group in the furniture/home renovation category with similar showroom distribution model.
• King Living: Australian premium furniture manufacturer and retailer with showroom-led distribution. Comparable to Joyce's KWB Group in its showroom model targeting home renovation and upgrade consumers.
• Plush: Australian specialty sofa and furniture retailer with company-owned showrooms. Comparable to Joyce's KWB Group in its showroom-led home upgrade model and focus on professional advice and delivery.
• Nick Scali Limited: ASX-listed furniture retailer specializing in sofas and home furniture with company-owned showrooms across Australia. Comparable to Joyce's KWB Group in its showroom-led home furnishings model and 'do it for me' delivery approach.
• Snooze: Australian bedding and bedroom furniture retailer with a network of company-owned and franchised stores. Closest direct peer to Bedshed given shared focus on sleep products, multi-channel retail, and franchise-based expansion.
• Adairs Limited: ASX-listed specialty retailer of bedding, manchester, and home furnishings in Australia. Direct peer to Joyce's Bedshed segment, with overlapping product categories, showroom/retail distribution, and a similar target customer base.
• Beacon Lighting Group: ASX-listed specialty retailer of lighting and home electrical products with a national showroom network. Comparable to Joyce in its specialty home products showroom model and Australian consumer focus.

Broad incumbents

• IKEA: Global broad-line home furnishings retailer with significant Australian presence, including kitchen and wardrobe planning and installation services. Overlaps with both KWB (kitchen renovation) and Bedshed (home furnishings) but at much larger scale and broader assortment.
• Harvey Norman Holdings: ASX-listed broad-line retailer of home appliances, furniture, bedding, and homewares across Australia and internationally. Overlaps with both Bedshed (bedding) and KWB (home renovation) but operates at much larger scale and across many categories.

Others

• Bunnings Warehouse (Wesfarmers): Australia's largest home improvement and DIY retailer, part of Wesfarmers. Adjacent to KWB's kitchen/wardrobe renovation market but primarily serves the DIY customer rather than KWB's 'do it for me' segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Joyce Corporation