British bag brand Knomo has secured £3m investment from private equity firm Rockpool to fund its expansion in London and the US.
Howard Harrison, Knomo
The premium brand is the early stages of securing a unit in London’s Covent Garden, which will be its first standalone store. It already has a combined showroom, office and retail space at 83 Great Portland Street.
Customers will be able to buy coffee in the new store, and there will be a WiFi-enabled workspace. An opening date is yet to be confirmed.
Knomo plans to have a total of five stores in and around London by 2019. It is also in early conversations with a UK department store to open its first concession.
In addition, the latest round of investment has allowed it to buy out its joint venture partner in the US and take full control of the business.
It has signed deals to launch in US retailers Macy’s, Saks Fifth Avenue and Anthropologie. As a result, US sales are expected to rise by more than 45% in the next six months.
The company has strengthened its senior management team, hiring investor and entrepreneur Fred Edwards as chief operating officer and former Dr Martens consumer marketing manager Simon Wilkinson as digital director.
Knomo was founded by former Credit Suisse banker Howard Harrison (pictured above) in 2004. Today, it has around 100 stockists in the UK and more than 600 retail partners globally. Germany and the US are its largest markets outside of the UK.
Its ecommerce site, knomo.com, accounts for 40% of sales.
Wholesale prices range from £15 to £132.