When Jas Naidu joined Dynamic Bedding in June 2020, the business behind South Africa’s largest independent bed retail chain, The Bed Shop, was at a crossroads. Still reeling from the economic shock of Covid-19 and structurally fraying at the seams, the company was loss-making, disjointed, and in urgent need of direction. But Naidu, a seasoned turnaround specialist with a passion for retail and numbers that convert into value, saw not just risk, but possibility.

Today, Dynamic Bedding is not only profitable but poised for aggressive expansion on the back of a unique vertically integrated model, a culture of delivery, and a growth strategy backed by private equity firm Vuna Partners, who now own 60% of the business.

This is the story of how one CA's steady hand, paired with aligned private capital, is turning a “snoozefest” industry into a dynamic growth story.

Naidu’s résumé reads like a case study in business transformation. After earning his stripes at PwC's Durban office, he co-founded and exited a bond origination business just before the global financial crisis hit. He then joined Standard Bank, where he helped shape Group Finance as a senior manager.

But it was in retail where Naidu found his rhythm. As CFO at Spitz, he helped grow the business from R380 million to R1.5 billion in revenue over a decade. Learning as much as could from one of the finest capital allocators in the business, Simon Crutchley.  A subsequent stint as CEO at Incolabs, an FMCG company, saw him successfully steer a turnaround and facilitate a trade sale exit.

So when the opportunity came to lead Dynamic Bedding, he was no stranger to stepping into the trenches.

“I’ve always wanted to be at the front of the business, not just in the back-office running the books,” says Naidu. “Retail is fast, messy, and deeply connected to the customer. You get to build something people touch, feel, and value.”

Founded in 1994, Dynamic Bedding manufactures, distributes, and retails its own range of mattresses, bed bases, and accessories. Trading under The Bed Shop brand, the group operates a hybrid network of over 130 corporate and franchise stores across South Africa and Zambia.

When Naidu took the reins, his first 100 days were anything but glamorous. Much of the early team engagement happened virtually, thanks to pandemic restrictions. He met his mezzanine finance and equity backers at Vantage Capital a full year after joining. At the factory, masked meetings and social distancing defined the new normal.

But the lockdown proved fortuitous. “People were stuck at home, lying in their beds for months, and many realised how uncomfortable their old mattresses were,” he says with a smile. Demand surged.

Still, Naidu knew that one wave of demand wouldn’t fix a broken commercial model. So he focused on the fundamentals: tightening margins, putting the right people in the right roles, fixing systems, and aligning culture. Only once the house was in order did the business turn to front-end upgrades with refreshed product lines, stronger distribution, and omnichannel sales integration.

Two years into the turnaround, Vantage Capital decided it was time to exit. Naidu, having already righted the ship, was tasked with identifying new investment partners. That search led him to Vuna Partners.

From the first meeting with Vuna’s Siya Nhlumayo and Shafiek Rawoot, Naidu sensed alignment. “They weren’t just financial engineers. They believed in building sustainable businesses,” he recalls.

In March 2023, Vuna acquired a 60% stake in Dynamic Bedding. Naidu, alongside the CFO and COO, invested meaningfully, taking 40% ownership through a management buy-in. “I believe executives must have skin in the game. It aligns everyday decision-making with long-term shareholder value,” he explains.

Vuna now holds three of six board seats and has been instrumental in shaping the next growth chapter. While Naidu admits there are occasional tensions (particularly around timelines) he describes the partnership as collaborative and constructive.

“In retail, you’re navigating a tough consumer environment. You need a partner who brings strategy, listens to management, and doesn’t flinch when things get choppy,” he says. “Vuna’s been that partner.”

The growth plan is ambitious: double the store footprint over four years, aiming for 200 locations. The focus is on corporate-owned stores, which offer tighter control and faster execution.

Key to this strategy is the company’s vertically integrated model. Dynamic Bedding controls everything from design and manufacturing to distribution and retail. That allows it to offer competitive prices without compromising on quality, even when competing against larger rivals with deeper balance sheets.

Another area of innovation is the product itself. While 80–90% of bed components are shared, the team has introduced new SKUs with refreshed aesthetics, without bloating inventory or complicating production. “Each bed is built to a recipe. You can tweak ingredients without adding cost,” says Naidu.

The next frontier is bedroom furniture and linen. From sleigh beds and pedestals to ottomans and dressers, the goal is to grow basket size and in-store trading density.

Here too, the company is taking a hands-on approach. Much of the furniture will be manufactured in-house at a new factory. With tight inventory control and a pull-based logistics model, stores can receive customer-ordered furniture within a week, a rare feat in the fragmented local furniture market.

While beds are still tactile purchases – who doesn’t want to lie down before they buy – the online store is gaining surprising traction. But rather than separating digital and physical, Dynamic Bedding has fused the two.

Customers who purchase online are connected to a local store, which handles fulfilment and support. “There’s always a person, a face, and a place. That’s what retail should be,” says Naidu.

The team is now exploring AI tools to optimise product recommendations, delivery logistics, and customer service, a sign that the innovation mindset runs deep.

Reflecting on his journey, Naidu is clear-eyed about the role of private equity.

“In South Africa, PE is different. There’s less leverage, more value-add,” he says. “But founders need to choose wisely. Find a partner aligned to your vision. It’s not just about capital, it’s about chemistry.”

And while disagreements are inevitable, Naidu offers a dose of wisdom: “If everyone leaves the boardroom equally unhappy, you’ve probably landed on the right decision.”

Naidu and Vuna are proving that in the hands of the right people, even beds can be a launchpad for exponential growth.

Sleep on that.