Pants & Socks to raise £200,000 through crowdfunding campaign
Online men’s branded underwear retailer Pants & Socks has launched a crowdfunding campaign through specialists Seedrs to raise £200,000.
Early demand from private investors, including cricketer Jason Roy, saw the company raise over 60% of its target before its public launch.
Work on Pants & Socks started in March, 2020, by long established retailer Richard Clews, owner of Reigate independent Ashworth & Bird, who co-founded the business with his wife Natalie.
They launched it in September of last year and now sell 18 brands including market heavyweights Calvin Klein, Hugo Boss, Polo Ralph Lauren and Tommy Hilfiger. It also carries a number of specialist labels including Hom, Falke and Saxx.
Given the size of the underwear market in the UK alone, Clews believes there is a real opportunity to be a specialist in the sector. According to Mintel, the UK men’s underwear market was worth close to £800m in 2018.
Clews said: “We registered the company name a couple of years ago and had conversations with a couple of key suppliers. But we were too focused on our high street business to give it our full attention. Lockdown last year gave us the time and the impetus.”
The money raised from the crowdfunding will be invested in building the product offer and stepping-up the marketing side of the business.
Pants & Socks will also launch its own underwear line later this year and has a raft of other brands lined-up to join its roster. Scandinavian brand Panos Emporio and Hugo, the fashion line from Hugo Boss, are both due to go live on the site this month.
Customers can make one off purchases or sign up to an easy-to-use subscription service, which brings added benefits such as free delivery.