London-based brand Percival Menswear secures 3 million pound investment
30 Apr 2021
London-based contemporary menswear brand Percival Menswear has secured a three million pound investment from growth capital investor VGC Partners.
The investment will be used to double the depth of stock across all core styles to keep up with demand, introduce new categories, and increase its market share internationally by creating dedicated online platforms to service its European and US markets.
Currently, 20 percent of the firm’s sales are from overseas, split evenly between the US and EU markets.
This is the second time Percival Menswear has received an investment from VGC Partners, having secured 150,000 pounds back in 2018.
The Hackney-based brand, led by creative director Chris Gove, used the previous investment to establish its business model that it said enables mass personalisation and new product drops every six weeks.
Percival eyes US, EU markets
“The growth we’ve seen in the past few years has been incredible,” Gove said in a release. “Hitting our 2022 target by November 2020 just proved to us that we’ve created a brand that is truly desirable. Clothing is inherently personal so we’re proud to see so many customers enjoying and recommending our collections.”
He continued: “The investment from VGC will be essential in our next stage of growth and will allow us to deliver more quality, British design to our customers in the UK, as well as expanding our platform to service our growing customer base in the US and Europe.”
Percival Menswear started as a “hobby on the side” before opening a Soho store and then a webstore. The brand said it has doubled net sales year on year for the past three years, hitting its 2022 target two years in advance, with a 55 percent profit margin.
The company, which currently employs eight people, creates collections that aim to “subvert the classics of the male wardrobe”.
The brand has featured in the David Beckham Eyewear campaign and curated a custom tour wardrobe of Niall Horan. More recently the brand collaborated with Brighton-based artist and illustrator Sophy Hollington.