The Idle Man turns to crowdfunding again, targets international growth
today May 26, 2017
London-based menswear retailer The Idle Man has launched a new crowdfunding campaign as it hopes to raise £500,000 to support its international expansion plans.
Launched on Crowdcube.com, the company said the investment will be used to increase customer retention via segmentation and personalisation, invest in stock to support projected growth rate, and build country-specific sites for key countries US, Germany, France and Australia.
The retailer stocks pieces from brands including Champion, Barbour, Sunspel, Le Coq Sportif, Soulland, Rains, The North Face and its own label. The site has averaged growth rates of 84% year-on-year over the past three years, with revenue expected to hit £2.4 million this year.
This is not the first time The Idle Man has raised money through a crowdfunding campaign. In 2015 it raised £500,000 in just two days on Crowdcube.com, attracting 73 individual investors.
Launched in 2014, the Idle Man aims to provide a curated wardrobe for a 25-year old fashion -onscious consumer. The company was founded by former Asos menswear buying manager Oliver Tezcan.
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