Premium handbag label Hill & Friends has announced a crowdfunded investment campaign with Seedrs as it marks its third anniversary.
The business founded by Emma Hill and Georgia Fendley, who saw Mulberry’s revenues more than triple during their time as creative director and brand manager respectively, is looking to raise £655,000 to continue its growth.
Hill & Friends is currently on track to hit £1m in sales in 2018. The business opened its first store in Mayfair in September 2017 but has seen particularly promising sales from social media, which were up 141% year on year in 2017. Direct-to-consumer currently accounts for 52% of sales at the business, this is expected to rise to 55% in 2018. Stockists include Harvey Nichols, Net-a-Porter, Harrods and Selfridges.
Fendley said: “Since the beginning, we have been driven by a very clear mission; to build a fashion brand that works hard to maintain a special relationship between the brand and its customers, who we would rather call Friends. Allowing our community to be able to invest in the business is a step closer to completing our mission and we look forwarding to this next stage of growth together.”
The forecast for the designer handbag market has shown promising growth recently with a Mintel report revealing that 59% of women aged 16-24 have bought a bag in the last 12 months, of which 33% said they preferred to buy a designer bag. The global personal luxury goods market reached a new high in 2017 of €262bn (around £233bn).