Moda in Pelle has received £3.5m growth capital investment to develop its multichannel offer, increase the number of stores in strategic locations in the UK and abroad, and to further develop its branding.
The funding comes from the British Growth Fund, an independent company that has been established to help growing businesses with a turnover of £5m to £100m, backed by Barclays, HSBC, Lloyds, RBS, and Standard Chartered.
The Leeds-based women’s footwear designer and retailer has nearly 60 stores and concessions across the UK and expects year-end revenues to be close to £20m.
The investment will be used for further development of Moda in Pelle’s bespoke IT system that links customer and product data and enables handheld sales terminals to work as the central selling hub. The company will also be launching a new web platform across all devices next week and will be trialling iPads for sales staff in store to work alongside click-and-collect.
Moda In Pelle is also planning to update its point of sale displays and advertising in autumn next year.
The firm would not disclose details on specific store openings but said plans included new stores in “strategic locations” to match their customer profile, which values affordable luxury.
To implement the plan, David Inglis, who has previously advised Moda in Pelle on brand, strategy and investmentnand held senior roles at Asda and Shop Direct, joined as chief executive yesterday.
Inglis said: “Developing our multichannel offering will be a primary focus over the next 12 months, and we will continue to explore new opportunities with wholesale and internationally.”
Former Space NK chief executive Judith Pilkington was appointed to the board as non-executive chairman and BGF investment director Richard Taylor also joined the company as a non-executive director yesterday.
Both BGF and Inglis have become minority shareholders, while founders Stephen and Claire Buck remain the majority shareholders.
“Over the past 40 years, we’ve created a tremendous amount of brand capital among a loyal customer base by focusing on quality design and manufacturing,” said Stephen Buck. “After a particularly strong period of growth, we want to pursue new opportunities to fully exploit the brand’s potential.”