Menswear e-tailer The Idle Man secures funding to accelerate growth
Online menswear retailer The Idle Man has received £1.4 million in funding from private equity firm Foresight Group and angel investors including Thomas Pink founder and Hunter Boots chairman, Peter Mullen.
The investment adds to previous funding rounds, making up a total of £3.5 million raised to date. The online pureplay label aims to accelerate its 150% annual growth rate and invest the funds into building its own brand fashion range, increasing its marketing activities and expanding the UK head office team.
"Men have always been an afterthought in fashion retail. Men’s ranges are hidden in the basement or plonked on three shelves on the top floor,” says The Idle Man founder, Oliver Tezcan.
"Online the experience is similar: there’s some great sites like Mr Porter at the luxury end of fashion, but at a more accessible level men are forced to make do with the meagre offerings of womenswear-lead retailers. The Idle Man speaks to the guy who wants a curated edit of great clothes at realistic prices.”
Tescan, a former menswear buying manager for Asos, founded the company in 2014. The Idle Man has now 20 employees working at its head office in London and forecasts sales revenue for FY 2016/17 of £2.4 million.
The Idle Man offers a selection of brands including G-Star, Calvin Klein Jeans, Hunter, Cheap Monday, Oakley, Herschel and YMC.
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