Intimates brand Parade expands to UK, Australia is next target
“Community-first” intimates and loungewear label Parade is expanding into the UK, its first venture into a new territory outside of North America.
The firm, which secured $20 million in Series B funding led by Stripes last year, is moving into the UK via a local option added to its existing webstore. UK customers will be able to shop in GBP rather than USD.
With prices ranging from £7 to £46, the company is also donating 1% of sales per transaction to one of four charity initiatives.
The expansion into the UK is part of a wider global expansion strategy and will be followed by a launch in Australia next month.
“Our community has been asking us to bring Parade’s sustainable, creative basics to the UK,” founder Cami Téllez said. “We know people all over the world are looking for an underwear brand that stands for their values and celebrates who they are today.”
Started by Téllez as recently as 2019, “after years of feeling disillusioned by the American underwear industry”, she saw a need “to write a new underwear story and redefine ‘sexy’ through a modern lens”.
She dropped out of her senior year at Columbia University to build her business plan – “underwear for all people that prioritised sustainable fabrics and creative self-expression”.
The company has come up with a business model in the US that works by new launches and designs being influenced and tested by its community.
And having debuted as a single-category underwear brand, Parade quickly expanded into bralettes in April last year followed by a full range of loungewear in October.
It uses “low-impact and non-toxic” materials such as certified-recycled fabrics, and launched its SuperSoft cotton-alternative line in December.
So far, as well as the most recent funding round, the business has secured a total of $40 million in funding and has a current valuation of $140 million. It saw a 300% increase in business in 2021 and is on track to become an entirely carbon positive company by 2025.
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