The Idle Man has secured backing from Channel 4’s Commercial Growth Fund, which exchanges advertising for equity or revenue share in the business.
The menswear retailer will receive a seven-figure sum’s worth of commercial advertising to help accelerate its 100% year-on-year growth and will launch a TV advertising campaign later this week across the Channel 4 network.
“We are very impressed with The Idle Man’s management team and its recent strong growth, and are delighted to be working with them,” said Vinay Solanki, head of Channel 4’s Commercial Growth Fund. “We believe that TV driven brand awareness across our Channel 4 network will help expose this burgeoning business to our core young, upmarket audience, particularly as they invest more deeply into their brand.”
The Idle Man, which was established in 2014, opened a “try before you buy” store in London’s Clerkenwell earlier this month and secured a further £1.4m in funding in June to accelerate its growth, led by private equity firm Foresight Group and including Thomas Pink founder Peter Mullen.
Channel 4 launched the Commercial Growth Fund last year to offer high growth potential firms not currently advertising on TV the opportunity to build their business through advertising through its platform to bolster its commercially funded, not-for-profit business model and to stimulate TV advertising spend from ’new to TV’ brands.