Online tailoring business A Suit That Fits has raised more than £1m through crowdfunding, double its £500,000 target.
The London-based business netted £1,005,800 through crowdfunding site Crowdcube in exchange for around 9% equity, which it plans to use to create the UK’s largest network of suit fitters.
It said the extra money will allow it to buy more land in Nepal for a 12,000 sq ft factory. It will also fund an extensive brand refresh and more aggressive international growth.
Founder David Hathiramani first told Drapers of the plans in June. At the time the aim was to raise £500,000 in exchange for a 5% stake, valuing the business at £10m. After surpassing that target in late August, the funding round was extended for eight days.
A Suit That Fits, which has 26 showrooms across the UK and produces suits in Nepal, is currently in the process of recruiting and training self-employed suit fitters through a franchise model. The funding will allow it to enroll more fitters.
It is expected that around 300 “fit experts” will join the business by 2020, each of whom will receive receive between 12% and 28% of the cost of the suit.
A smartphone app used to locate nearby fitters is expected to follow, and it will roll out the model into other areas of clothing, such as shirts and jeans.
Last year A Suit That Fits turned over £2.6m and made a profit of £184,000, with annual production of around 6,000 suits.