With its Crowdcube campaign set to close later this evening, sports retailing brand WIT Fitness has secured more than £1.25 million from over 400 investors. The initiative was launched earlier this month and raised its initial £840,000 funding target within a matter of days.
As previously reported, WIT Fitness describes itself as a unique, multi-brand fitness concept store. Its products are from popular brands such as Reebok, Inov-8, Nike, Under Armour, Hylete, Norcal, Rocktape, Rehband, SGF, Purepharma, Atlas Wrist Wraps, Am Sports, Harbinger, RX Smart Gear, and Bolder Bands. The brands’ support to WIT Fitness includes a financial contribution to store fit outs, digital support, exclusive products, discounted terms, and sale or return agreements. To date, WIT Fitness has achieved the following:
- 330% Growth Year 1-2 (414% online).
- 2017 80% YOY growth of visitors as of today.
- Shipped to 35 Countries
- 3.84% click through.
- 235,000 online visitors year 1, 0.9m Year 2
- Soon to be three stores in London, including a combined retail-gym facility.
- Franchise in Asia and recently incorporated in the U.S.
Funds from the campaign will be used for WIT Fitness’ new studio, along with additional hires, growth infrastructure, and brand development. The company also revealed:
“A significant percentage of the investment funds will be put towards development of our digital business. Online sales currently account for over 50% of our sales and we expect this to become 80% by 2020. We know that to do this we need to be constantly evolving and revolutionising our digital strategy and back this up with an infrastructure and fulfilment process to support this growth. See attached imagery which outlines the next steps in our online improvements, advancing every part of our website, front and back end to help continue and support our growth.”
WIT Fitness then added:
“A large percentage of the investment income will be used to expand our estate to include a training facility combined with our next retail offering, as well as an increase in focus on our own brand range.”
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