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My-Wardrobe seeks investment to fund overseas growth

Premium etailer My-Wardrobe.com is seeking further investment to support international expansion.

The online retailer is pursuing investors through corporate advisory business Hawkwood Capital, seeking offers from a range of investors including high net worth individuals and venture capitalist firms.

A spokesperson for the retailer said it could not divulge details of how much investment it is looking to raise, however the Financial Times reported that My-Wardrobe is hoping for £3m worth of investment.

With the new capital, My-Wardrobe is looking to foreign shores for growth having recently appointed a US agent ahead of opening a local office.

In an interview with Drapers late last year, chief executive David Worby said UK sales made up 72% of overall business, but Worby anticipated this would soon be reversed, with Germany and the US his prime targets.

My-Wardrobe has previously received investment including $9m (£6m) from venture capital group Balderton Capital in 2010.

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