Edit LDN says sales are soaring, targets £30m value next year
Premium trainers business The Edit LDN is targeting a £30 million valuation during 2022 after saying its sales have been rising by 60% month-on-month lately. And it’s raising new finance to expand further.
The UK’s largest online store for limited edition trainers and streetwear, said it would raise £3 million and have a valuation of £10 million by year-end. It has hired PwC to help it raise the money from private and institutional investors.
The company operates an upscale marketplace and has supplied celebrities, royalty, consumers and investors with products at sometimes eye-watering prices. And as far as its fundraising goes, it has raised £0.3 million in less than a week and expects to hit that targeted £3 million before the end of the summer.
Edit LDN’s business aims to “connect premium resellers with a highly engaged, price-agnostic and eager audience”.
Founder and CEO Moses Rashid said: “We’re already in hyper growth mode and just 18 months old as a company. We’re delivering on our brand experience and our customers around the world are enjoying the journey. We’re keen to build on this and get to places where demand is greatest and showcase the awesome experience the team have built from London”.
The company’s online store operates with “a unique and proprietary tech marketplace model in the background for suppliers who are premium consignors (vetted, proposed, and referenced). More of these suppliers are turning to The Edit LDN who are able to buy quickly and pay them upfront. This provides them with cashflow and customers first and fast access to the latest items”.
The company, which also links up with services such as Thread.com and concierge companies to help source fashion items for wealthy customers and TV/movie buyers, regularly sells sneakers and streetwear at around £1,500 each.
“Recently, we sold a Gucci TNF jacket for £9,200,” the CEO said. “It’s not only the variety of goods we offer but the speed at which we send purchases. Just last year we managed to source and sell 44 Playstation 5 games consoles to the England U21 football team within 24 hours, literally dispatching them in Ubers to their homes”.
He added that in the latest four months of 2021, the business attracted more traffic, transactions and revenue than its entire first year of trading in 2020.
Rashid added: “This is a marketplace worth $6bn a year globally and will grow 5x by 2030. In meeting the needs of [our] rapid scaling, we are doing this fundraise now to set us up for success over the next 24 months”.
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