The Idle Man seeks further investment with Crowdcube campaign
The business, which was founded by ex-ASOS menswear buying manager Oliver Tezcan in 2014, has just raised £1m from institutional investors and is seeking the extra cash to fund customer retention and international expansion, particularly in Europe.
Tezcan said the business had seen its sales grow 116% year-on-year since launch and now has more than 20,oo0 active customers in around 70 countries. Repeat customers account for 29% of revenue.
It is targeting millennial men, or the "Instagram generation", with "bold" collections that include brands such as Eastpak, Farah, Grenson, Nudie Jeans, YMC as well as its own label. Price-point wise it is positioned between ASOS.com at the lower end and luxury sites such as MrPorter.com at the higher end.
The Manual, its blog, attracts 1m visits a month making it the third biggest men's blog in the UK while the “Guide Store” in London provides free stylist consultations and selected stock is available to view and try.
"We are going to be the ultimate style destination for accessible menswear worldwide. Through our ecommerce site, our blog The Manual and our Guide Store, we provide an all round service to the fashion conscious man. We want to boost customer retention, and drive our ecommerce business forward, taking The Idle Man to new markets, particularly the US," said Tezcan.
"The fastest growing part of the business is our own label brand, exclusive to theidleman.com, which has grown to more than 20% of total revenues. It is now time to introduce more people to the brand both at home and internationally," he added.