More cash for My-wardrobe

Designer womenswear etailer My-wardrobe.com is close to finalising a £1.5 million investment package after second-year sales broke the £1m barrier.

My-wardrobe co-founder Andrew Curran said the investment would help the business to boost stock levels and expand its warehouse, as well as enabling it to strengthen its manage-ment team. My-wardrobe is already searching for a finance director and Curran said it would look to appoint a chief executive at a later date.

The additional £1.5m, which is due to be finalised at the end of May, will come from a mix of investors. The deal values the etailer at £7.75m.

My-wardrobe, which celebrates its second birthday this month, expects sales to reach £1.5m for the year to June, against £722,000 the previous year. Curran said the business was scheduled to become profitable by the end of 2009.

Co-founder Sarah Curran said the investment would also be used to help launch a menswear offer for spring 09, and that it would pave the way for sub-sites My-maternity.com and My-lifestyle.com, which are due to launch in 2010.

The etailer will also relaunch its website this month, withnew features including My-TV, a weekly vodcast of style tips, and My-Blog, featuring fashion news updated by stylists and fashion editors.

 My-wardrobe's Sarah Curran will speak at Drapers' Maximising Revenue Through Online Fashion Retailing conference, which takes place on June 12 at the Radisson Mayfair Hotel in central London. For more information or to register, call 0845 0565755 or email conferences@emap.com.