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My-Wardrobe seeks investment to fund overseas growth

Premium etailer 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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