UK’s cyclewear brand Vulpine launches crowdfunding campaign
The manufacturer of high-end cycling apparel Vulpine launched on Saturday a crowdfunding campaign on Crowdcube.com to raise £500,000 in return for 9.09% of the equity of the company.
Founded in 2012, the retailer which now has 88 locations in the UK, is calling on its customers to help fund its expansion into the American and Asian markets. In three days, Vulpine has attracted nearly 140 investors and raised £251,120, which equals 50% of its target.
Several media reports informed this week that the company’s founder, Nick Hussey, turned down offers from private investors.
Over time, the British brand aims to become a global lifestyle label, such as The North Face, LuLuLemon and Billabing/Rip Curl. It currently stocks classic styles for cycling with its Harrington Rain Jacket as its bestseller.
According to its statement on Crowdcube, the company’s gross turnover has more than doubled each year so far. In 2014-2015, the company reported a turnover of £996,000.
This year Vulpine also entered a joint venture with UK’s Sir Chris Hoy to develop an Hoy Vulpine line, launched in February 2015. Sales of Hoy Vulpine have reached £350,000 since its launch.
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