Alesha Dixon's LittleBlackDress.co.uk raises £2.5m
LittleBlackDress.co.uk, the online start-up dedicated to occasionwear dresses and backed by singer and TV personality Alesha Dixon, has just completed its fourth round of fund raising taking the total raised to £2.5m.
The latest investment will go towards upgrading its technology, raising brand awareness online and the exploration of an exclusive brand range of party dresses for AW18/19.
LittleBlackDress.co.uk was set up in 2014 and, along with Dixon, counts former Shop Direct creative director Mark Evans who it its CEO, chairman Ian Langley, David Walter and Greater Manchester Combined Authority as its shareholders.
So far the business has sold 90,000 dresses with 1,500 currently available on its site. It has clocked up 5.9m visitors and has raised £10,000 for women's charity Refuge.
Chairman Langley said of the latest fundraise: “The process we have gone through has seen all the business stakeholders standing together in the firm belief Little Black Dress remains a unique and highly desirable business proposition. We are now moving towards profitability, which in today’s world of turbulence in the retail sector, is a major achievement.
"We are confident that we are continuing our growth rate and remain quietly confident the next season will be better than ever, as we begin to take a stronghold as a premium luxury marketplace for fabulous dresses,” he said.
Dresses on the site range in price from £50 up to £500 from a range of designers including Ariella, Closet London, Gina Baconni, Little Mistress and Marc Angelo. Dixon has also designed some of her own dresses for the site.
CEO Evans said the fundraise had helped the business overcome cashflow issues and position it for future growth. “One of the biggest challenges the business has faced has been cashflow like any other business. It has been a challenging and exciting year to say the least. We are pleased to say that we are entering the next phase of the brand’s development with a sense of confidence and optimism.
“We’re a brand that is all about bringing fabulous to our customers and the continued support of our brand partners has been invaluable. Future growth and expansion will come from ensuring we have the newest and the best brands on board.
“We help premium designers and independent brands reach new audiences, supporting them every step of the way with marketing, sales, customer services and logistical expertise, enabling the brands to focus on creating beautiful dresses. With over 40 brands online, and a range of dresses from £50 to £500, plus soon to be £5,000 we are aiming to become the ultimate marketplace for fabulous dresses.”