Premium indie Coggles is on the hunt for £4m worth of investment to aid expansion.
The York retailer is seeking second stage investors, following the £3m investment it received from Manchester Square Enterprises, a subsidiary of Pentland Group, at the beginning of 2011.
The initial investment has helped chief executive and creative director Mark Bage open a London office, bolster the team with key marketing, buying and finance appointments, create a bespoke ecommerce fulfillment centre and redesign Coggles.com.
The company said the investment would be used to open new sales channels, increase its global marketing budget and build brand awareness.
Bage said: “It has been a really exciting two years in which we have been able to establish Coggles as a truly international business, but the next phase of projects holds even more potential for significant growth in revenue. We are looking for an investor who shares our vision, understands the industry and can help Coggles become the most inspiring international fashion and lifestyle brand.”
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Readers' comments (7)
Anonymous23 January 2013 1:57 pm
In the article it states £3? It not clear what the initial investment was.
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Anonymous1 February 2013 3:11 pm
Am I missing something here?
How can Coggles have already gone through £3 million worth of investment that bailed it out of and be seeking a further £4 million when all it has is one store and a pretty average web site?
Perhaps it may be to fund its PR company which is working tirelessly to give us the impression that Coggles is a model retail operation ?
Wake up and smell the roses Drapers!
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Anonymous1 February 2013 5:28 pm
I thought it was just me a bit mystified (re; above post) as the site is very..well...meh. Just cut outs, no flip to back, no styling (as in a site like Nasty gal) just big brand items lined up one after another. What does he want the 4 mill for?
I have no link/VI to NastyGal (I just really like it's style) but maybe he should read her interview with Forbes. ..............................................................................................
http://www.forbes.com/sites/victoriabarret/2012/06/28/nasty-gals-sophia-amoruso-fashions-new-phenom/
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Anonymous1 February 2013 5:30 pm
........2ns post.....just got tempted with the 30% sale offer but no 'View All' option? Unless I missed it.....gave up as CBA to click dresses then jeans etc etc.
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Anonymous4 February 2013 2:53 pm
Why would they open a London office for a store based in York? Additionally why would they even need investment for an 'international marketing budget'?! Delusions of grandeur.
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Anonymous6 February 2013 12:45 pm
An internet set up can run from anywhere.
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Anonymous2 April 2013 1:48 pm
With a 8m turnover it seems obvious to have the buyers in London, I don't know why more people don't do it.
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