With nearly one week until its equity crowdfunding campaign on Crowdcube comes to an end, online premium personal styling service for men, The Chapar, has successfully secured its initial £1 million funding target thanks to more than 570 investors.
As previously reported, The Chapar describes itself as a personal styling service that eliminates the hassle of shopping. The company has reportedly shipped more than 400 individualized Trunks a week to members across the UK and Europe. An average member notably spends over £250 on their first Trunk and orders between 2-3 Trunks per year. It was revealed:
“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 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
After the campaign raised its funding goal, The Chapar team shared:
“As you can imagine the whole team here is over the moon after having reached the 100% mark overnight. We are so excited to be bringing 550 investors into the business and look forward to changing the way men shop together. We have now moved into overfunding. Our Finance team are reviewing our options here: more funding could equal bigger growth and better capitalisation.”
Funds from the Crowdcube round will be used for marketing investments. The campaign is set to close next Tuesday.
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