thelittleloop secures double investment on Dragon's Den
Children's fashion rental brand thelittleloop has succeeded in scoring a double investment during an appearance on Dragon's Den last night.
thelittleloop Founder, Charlotte Morley, appeared on the show asking for a £70,000 investment in exchange for 7.5% of her business.
The episode culminated in Charlotte accepting two of the four offers from Deborah Meaden, who offered £70,000 for 12.5% of the brand and Steven Bartlett, who offered £70,000 for 15% of the brand.
Charlotte then asked both Steven and Deborah to invest the full amount of money for 12.5% each, which they accepted.
It’s an emotional end to Charlotte’s pitch as she bags an iconic double Dragon deal with @DeborahMeaden & @SteveBartlettSC! Fast fashion won’t stand a chance against this trio! #DragonsDen pic.twitter.com/nAtRjtx6Kz
— BBC Dragons' Den (@BBCDragonsDen) January 27, 2022
Launched in 2020, thelittleloop is a sustainable childrenswear rental brand that aims to reduce children's clothing waste.
Customers pay for credits each month which can be then exchanged for clothes. Typically, thelittleloop rents out each item of clothing 4-5 times, which extends their lifespan by 12 months and eliminates the production of 3-4 new garments.
In a year, the brand currently saves 630 kgs of clothing waste, 13,547 kgs of CO2 emissions and 583,771 litres of water. That’s 80% less CO2 released, 80% less water wasted and 100% fewer garments ending up in landfill, as thelittleloop upcycles or recycles everything at the end of its life.
Charlotte Morely, Founder of thelittleloop, said: “I’m absolutely thrilled with the outcome. My experience as an entrepreneur has been a true rollercoaster of incredible highs and spirit-breaking lows and I have had to develop the hide of a rhino and an unbreakable belief that what I’m doing is the right thing.
"This backing from business owners who I truly respect has really validated that belief and given me even more determination to drive my business forward and, in doing so, revolutionise the UK’s approach to clothing children.”
In a post on Twitter, Dragon Steven Bartlett said: "I have to say thelittleloop is a special business! One of the most impressive I’ve seen in the Den and operated by an entrepreneur in Charlotte that has a formidable track record."