A Suit That Fits extends crowdfunding campaign

Online tailor A Suit That Fits has exceeded its crowdfunding target of 500,000 pounds, which it plans to use to recruit and train a network of 300 freelance suit fitters, and has now extended its campaign to increase its funding.

The London-based business, which believes the bespoke experience should be available to all, has raised 565,520 pounds so far via crowdfunding site Crowdcube, in exchange for 5.62 equity in its business. The crowdfunding campaign, which started at the end of June has attracted more than 200 investors so far, with the largest investor contributing 100,000 pounds to the fund.

In an update, the online tailor states that 250,000 pounds was raised in the last week of the campaign to take them beyond their target and now they are hoping that “overfunding” will help deliver their plans faster.

Co-founder David Hathiramani said: “We are now one step closer to delivering our mission of ‘bespoke for all,’ but it doesn’t stop here. We have plans of accelerating our growth and the more money we can overfund by now, the faster we can deliver our plan and your return on investment.

“We have also been approached now from the following countries, all interested in taking our model global: Australia, Spain, Portugal and South Africa. With this overfunding, it will make us able to take these opportunities much faster and further expand our global reach.”

A Suit That Fits exceeds 500,000 pound crowdfunding target

The aim of the crowdfunding is to help shape the future of A Suit That Fits, allow it to extend its bespoke tailoring model, as well as extend its range from suits to other clothing areas such as chinos, jeans, shirts and jackets. The investment will also be used to improve its website, increase its staffing and supply chain, as well as help train a network of freelance suit fitters.

The tailor has already started holding two-week training courses in London at a cost of 999 pounds for potential self-employed suit fitters, which focuses on fit techniques, as well as the skills required to build and run a local business, such as customer service. The accredited suit fitters will be advertised on the company’s website.

Dependent on the level of investment A Suit That Fits offered a number of rewards via Crowdcube. Investing 10 pounds got you added to the quarterly email update, 500 pounds added 200 pound credit to their A Suit That Fits account as well as 10 x 50 pound vouchers for friends and family, while investors who gave 25,000 pounds received a bespoke master tailor package that includes 2,500 pound credit a year for five years, a bespoke black card giving them discounts, voting rights and A-shares.

A Suit That Fits was founded in 2006 and according to the Crowdcube package it had a turnover of 2.6 million pounds in 2014 and made a profit of 184,000 pounds, with annual production of around 6,000 suits. It currently states that it produces more suits than Saville Row annually.

The Crowdcube campaign continues until August 4.

Images: A Suit That Fits