Adili prepares for AIM float

Ethical fashion etailer Adili.com is gearing up to float on AIM, just a year after the launch of the business.

It aims to raise £1.75 million this month through a share placing, and expects to achieve market capitalisation of £5.5m. This will enable Adili to develop an own-label range, which it hopes to launch next year.

Former Miss Selfridge brand director Sim Scavazza, who was previously a non-executive director at Adili, has taken over as creative director and will oversee product development.

Adili, the Swahili word for "ethical" and "just", was set up by Asos.com joint founder Quentin Griffiths in 2006. It sells ethical brands such as Patagonia, People Tree and Terra Plana.

Several high-profile retail execs invested in the business last month, including former Rubicon Retail boss Peter Davies and ex-John Lewis managing director Luke Mayhew.