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Bagga seeks 750k to fuel online expansion

Menswear retailer Bagga is hunting for an investor in an attempt to triple its online business after its relaunched website boosted sales by 25%.

The Kent-based independent is looking for a minimum of £750,000 to drive its etail business, which accounts for 90% of its total turnover.
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.

Readers' comments (1)

  • Dear Ana,

    We have a new brand and being a local lad have targeted 'Bagga' as one of the outlets I wish to stock our new brand 'Borny'. We are extremely excited by the Brands Potential.

    Please do visit us at www.borny.co.uk and http://www.borny.co.uk/downloads/Borny_08.pdf for examples of the new range.

    I was wondering if you had any advice for a new brand, trying to make it in the retail world. We feel we have an exciting product and its now time to get it in the shops. Contact into the Dave Lomax's of this world would certainly be a help.

    Sorry I don't have the £750k to help at the moment.

    Peter

    Borny
    10 Margaret Street
    Soho
    London
    W1W 8RL

    020 3178 6576

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