Earlier this month, London-based Enclothed, launched an equity crowdfunding campaign on Crowdcube to raise £400,000. The website is considered a virtual “personal shopper” to men that are looking to avoid busy department stores and crazy clothing prices.
Sharing details about the website, the Enclothed team stated, “Here at Enclothed, we believe the traditional shopping experience doesn’t work for most men. We have strived to design an effective solution to take away the pain of shopping. Imagine a department store coming to your door, with clothes handpicked just for you, from brands you love, in sizes that fit. That’s how Enclothed works.
“Simply sign up and you are paired with a personal stylist who handpicks you clothes from brands you determine you love, brands we think you’re going to love, and in sizes that fit. You can try everything on in the comfort of your own home, keep what you like and we collect the rest. The next time you want clothes we remember what you liked and didn’t, and bring you a brand new selection that is even better than before! The best part is you only pay for what you keep. There are no added fees.
“We feel full personalization works either with an extremely high average price point or when selling to only hundreds of people, but when you’re bringing down the price point and accessing a vast marketplace, sustainability is key. This has led us to focus on analytics and algorithms to help us understand a customer’s size, requirements and style.”
Currently, Enclothed is consisted of 8 associates and has been operational since January 2014 (with a beta launch March 2013). During the past year, the website has been featured in various UK publications, including The Sunday Times, The Telegraph, Men’s Health, Time Out and most recent Dragon’s Den. The website has 1489 customers and is hoping to reach 5,000 by the end of 2015.
In regards to where the funds will go, the team added, “Enclothed has been growing rapidly over the last year and is looking for this investment in order to scale and fulfill this growing demand whilst creating greater brand awareness. This investment will go towards marketing in order to exponentially grow our brand awareness, into our evolving technology in order to maximize the ability to personalize at high volumes of customers and in our team and operations in order to fulfill demand.”
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