London-based menswear etailer The Idle Man has won £1.4m in funding to invest in its own-label fashion range, in marketing and in the UK head office.
The latest round of funding brings investment so far to £3.5m and comes as the pureplay is enjoying annual sales growth of 150%, and expects to turnover £2.4m in its current financial year. The new investment comes from private equity fund the Foresight Group, and includes angel investors including Peter Mullen, founder of Thomas Pink and chairman of Hunter Boots.
Oliver Tezcan, former menswear buying manager at Asos.com, founded the business in 2014. He said: “Men have always been an afterthought in fashion retail. Men’s ranges are hidden in the basement or plonked on three shelves on the top floor.
“Online the experience is similar: there’s some great sites like Mr Porter at the luxury end of fashion, but at a more accessible level men are forced to make do with the meagre offerings of womenswear-lead retailers. The Idle Man speaks to the guy who wants a curated edit of great clothes at realistic prices.”
Tezcan added: “Men, just like women, want to look good. But that doesn’t mean they shop in the same way. Men are more interested in getting the clothes they want than trying on everything in the shop.”
He said: “Men are more interested than ever in fashion. The growth potential is huge for whoever can create a retail experience that meets their needs. That has never really been done before – but the mission of The Idle Man is to change that.”
The Idle Man is based in offices in Shoreditch, while its customer care team is in Manchester. It sells both third-party brands and its own label clothing.
