BGF leads £2.5m investment round into sustainable underwear brand Stripe & Stare
Sustainable intimates brand Stripe & Stare has secured £2.5 million in extra funding from BGF and a consortium of investors.
The investment will be used to scale the business by increasing employment and production capacity at its Yelverton, Devon base “to drive UK and international sales”, it said.
Founded in 2017 by Katie Lopes and Nicola Piercy “with the aim of creating the most comfortable and eco-friendly knickers in the world”, Stripe & Stare produces women’s underwear, lounge and sleepwear. They are made from Modal, sustainably produced in Austria from beechwood trees. In 2021, the brand released a “world first” 100% biodegradable lace underwear collection.
The fast-growing business said it has seen revenue rise 100% each year for the last three years, “driven by an increased demand for sustainable fashion and a buoyant e-commerce market”.
In addition to its online platform, the brand is stocked by a host of independent and high-end retailers including Selfridges in the UK and Bloomingdales in the US.
Piercy said: “The last 12 months has exceeded all expectations for the business. We’ve seen consistently strong organic growth and repeat purchase rates. We’ve created a product that women absolutely love and as a result we’ve received global recognition for our product range.
“In order to move to the next stage of growth it was clear we needed a partner who understood the needs of our company and could provide the support we need to scale."
Chairman Robin Howard, the former menswear and childrenswear director of Boden, added: “Stripe & Stare has a clear vision to be one of the biggest sustainable fashion brands in the world. As a result of BGF’s backing, and the support of our new investors, we will have the financial footing and strategic guidance to make this a reality.”
Copyright © 2022 FashionNetwork.com All rights reserved.