The Idle Man seeking further investment

Online menswear destination, The Idle Man founded by former Asos menswear buyer Oliver Tezcan in 2014, is seeking a further 500,000 pounds cash injection via a crowdfunding campaign.

The Idle Man has just raised 1 million pounds from institutional investors and has now turned to Crowdcube to seek an additional 500,000 pounds to “further boost customer retention and expand internationally”.

The style destination, which aims to curate a 25-year-old fashion-conscious man's wardrobe, has seen its year-to-date sales increase by 61 percent against the same period last year, and with 43 percent of its revenue already generated by international sales it is looking to capitalise and expand upon its international reach.

In addition, it has strong repeat business with 29 percent of revenue generated by returning customers, and its exclusive own-label product has generated more than 19 percent of its total revenue.

Over the next 12 months the e-commerce platform is forecasting a net revenue of 3 million pounds, and they are aiming to reach break-even in 2018, the company states on its crowdfunding pitch.

The new funds will be used to increase customer retention via segmentation and personalisation, as well as to invest in stock to support its projected growth rate, and to build country-specific sites for key countries such as the US, Germany, France and Australia.

This isn’t the first time The Idle Man has turned to Crowdcube, in 2015, it raised 718,000 pounds, and to date the online retailer has secured 4.6 million pounds from a number of institutional investors including Foresight Nottingham Fund and Nottinghamshire County Council.

The campaign has seven days left and has attracted more than 150,000 pounds of its targeted 500,000 pounds investment.