Menswear retailer Bagga is hunting for an investor in an attempt to triple its online business after its relaunched website boosted sales by 25%.
Owner Dave Lomax said he was looking for an investor with experience in growing a business quickly, and has already been in touch with interested parties. “We have a good business model and Bagga has always been self-financed, but there is a limit to what we can do organically,” he said.
“The online market is more competitive now, but Bagga’s potential is vast and I think we can grow the online business threefold or fourfold.”
Lomax relaunched Bagga’s website at the end of January, introducing email alerts to inform customers when certain products they have requested are back in stock and “user accounts” so shoppers can keep track of their orders and order history.
“Since the relaunch, traffic, page views and sales have all increased, with sales up 25%, but growth has actually slowed as we were growing 40% year-on-year last year,” said Lomax. “This is why we need the investment to push the business forward.”
Lomax’s plans for growth include European and US websites, improved marketing and a broader product range. “We’re buying into Fred Perry and Maharishi and I’m looking to launch boyswear. I already have the contacts in place.”
He believes the future of retailing lies in online business. “The web is definitely the future for us,” he said. “The shop is important for customer interaction and a face-to-face experience, but our turnover comes from our online business.”
Bagga sells about 24 brands including Diesel, Evisu, G-Star and Lacoste.