British retailer Atterley.com receives multi-million funding
1 Oct 2018
New York - Online fashion retailer Atterley.com, run by online entrepreneur Mike Welch, has been backed by PDS Multinational.
“We have spoken to a wide range of potential funders over the last six months, including private equity firms and industry players, but PDS really stood out in terms of the strategic fit, our vision for the business and the development of an Atterley own brand.”
PDS manages international supply chains and produces around one million garments daily for more than 200 brands and retailers worldwide, including Topshop, Zara, Jack Wills, and Urban Outfitters. In its own words, it expects to report annual sales of around 1 billion pounds in the current financial year.
PDS Multinational’s investment led by rising importance of online in the fashion industry
Commenting their investment, PDS founder and chief executive Pallak Seth said: “This is a natural move for PDS as online becomes an increasingly important channel for our industry in providing insights into customer tastes and trends.”
“It is important that PDS is able to develop insights from data and first-hand experience in online business will ensure we remain at the cutting edge of fashion and are able to provide market intelligence to our retail customers.”
Regarding the utilization of the raised funds, Welch explained that “We are not going down the road of what I would describe as ‘spraying and praying’ with investors’ money, but we will be learning from those who have gone before and fully expect to prove our model in financial terms, sooner rather than later.”