3 hours ago | By Lizzy Bowring
UK fashion company Me+Em has raised £1.4m in four weeks through crowdfunding, making it one of the most successful crowdfunding ventures in fashion. A total of 866 people invested in return for 17.7% of equity.
The womenswear label sells designer-quality clothes at high street prices online and in two central London stores.
The launch raised 178% of its target in four weeks and founder Clare Hornby told the Times newspaper she raised the capital to expand digital growth.
Online sales jumped 52% in the last quarter and overall revenue rose 34% to £5.3m last year.
“ME+EM has just completed the largest raise for a fashion brand,” Luke Lang of Crowdcube, the equity crowdfunding platform, told the newspaper. “It is our tenth raise of more than £1m in 2017 and follows a string of more established businesses turning to the crowd to raise funds.”
Me+Em has become the go-to label with fashion editors, and was recently championed by the Daily Telegraph’s fashion director Lisa Armstrong. The brand is best known for its on trend knitwear, in fact at WGSN we profiled the brand in our A/W17/19 knitwear category update for its knitwear offerings in fluid shapes and soft drape aesthetics (subscribers can check it out here).
The fashion start-up is part of a new wave of retailers, that focus on building an online community of supporters and being transparent about their processes. The Me+Em crowdfunding campaign was documented on its e-commerce site and there is even a little thank you note up there for all the investors. This tactic is similar to other disruptive retail sites like beauty site Glossier – and their approach to transparent funding, complete with an blog post explaining the process (check it out here).
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