Atterley gets new investment for US growth as sales rise fast
Fashion retailer Atterley.com has raised £3 million through a funding round backed by Maven Capital Partners, by Scottish Enterprise and existing shareholders.
The business, which facilitates independent fashion boutiques and brands selling premium pieces online in the UK and abroad, wants to boost its international operations, particularly in the US.
The marketplace is used by over 250 independent boutiques and it offers around 3,000 brands on its website. It has been growing fast with a 200% sales rise year-on-year in Q1. What was particularly encouraging was that most of its growth came from a combination of strong repeat sales and expansion in new markets.
That's a ‘golden’ combo, suggesting the company can retain existing customers and attract new ones at the same time. Of course, it was also helped by the fact that so many consumers were forced to shop online given the closure of stores internationally due to the pandemic. But founder Mike Welch — who originally made his name selling tyres online — said that was only a “slight tailwind”.
He called the new investment “a game-changer for us” that sets up the company for its “next big phase of growth”.
David Milroy, a parter at Maven, highlighted the change that's currently being seen in the retail sector and the opportunity this has created for online fashion market places. He also said the company’s focus on putting its boutique partners first is important, especially as it helps it “offer consumers a vast range of premium, emerging, and undiscovered labels expertly curated by some of the worlds most talented fashion buyers”.
The Atterley team totals 20 today, which includes CEO Kenny Baillie and COO James Eccleshall both of whom worked with Welch at his Blackcircles.com tyre business. Existing investors include Sir Terry Leahy the former CEO of Tesco, Graeme Bissett the former Chairman at Blackcircles.com and former Vogue Editior Alexandra Shulman, who is also an advisor to its board.
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