The Chapar, a UK-based online personal styling service, is currently seeking £1 million on equity crowdfunding platform, Crowdcube, as it prepares to expand its service. The company describes itself as a premium personal styling service for men that eliminates the hassle of shopping. The service is simple:
- Have a 10-minute phone call with a stylist
- Receive what they’ve chosen for you in 3 days
- Try on the selection of great picks at home
- Keep what they love, and the company collects the rest for free
The company stated
“The Chapar Man is serviced by a team of stylists who learn everything they need to know about their client. Clothes are selected according to a detailed profile and are tailored to suit your particular lifestyle. Described as an ‘amazing new service’ by The Telegraph, the business is proven: we have over 20,000 members and achieved sales of £2.8 [million] last year.”
The Chapar team also revealed it ships over 400 individualized Trunks a week to members across the UK and Europe. The Company has strategic plans to grow revenues to £5.4 million over the next 12 months.
“The average member spends over £250 on their first Trunk and orders between 2-3 Trunks per year. That member could then generate a LTV (Lifetime Value) of c. £475. So far, The Chapar has spent an average of £75 in marketing to acquire each customer. Based on our own calculations we estimate that an average customer would generate c£400 of contribution margin over a 7 year period, assuming we continue to spend an average of £75 to acquire a customer.”
Funds from the Crowdcube round will be used for marketing investments. The intiaitve is set to close at the beginning of June.
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