An online marketplace for independent fashion retailers Atterley has started a crowdfunding campaign in order to expand its global presence after a year of sales increases of 200 percent in covid19.
The firm is used for more than 250 boutiques that are independent and has over 2800 brands on its site, hoping for 500,000 dollars through the Crowdcube crowdfunding campaign. The goal is to spend the money on improving its technology for marketplaces and growing its staff to build a “strong base” to allow for growth that is scalable internationally.
The company was founded by Edinburgh businessman Mike Welch, who relaunched the company online the year 2016after he sold his online retail business for tires to Michelin for 100 million US dollars in 2014. Atterley was previously an online store with multiple brands created with former Jigsaw creator Katie Starmer-Smith however, it was put into administration in the year.
When Welch bought the store, he decided to launch it again using the model of a marketplace, to overcome the environmental challenges boutiques that are independent face. it provides its boutique partners assistance with customer service, payments, and logistical assistance.
Atterley’s chairman and founder Mike Welch said in a statement: “The beauty of our business model is that instead of operating from warehouses that have stocks Our boutique partners supply Atterley with stocks and be run by one person per store, making sure that their trading is safe and continuous the doors are open for public access.
“We’re witnessing a rise in customer numbers due to the general public’s desire to support local shops during the outbreak, and we’ve observed a noticeable increase in boutiques that want to be part of the program after the lockdown began.”
Atterley targets 500,000-pound crowdfunding investment amid coronavirus increase
In addition to the crowdfunding campaign, Atterley is also actively participating in VC discussions about investment and is looking to raise at least 500 000 pounds to help fund the advancement of the technology used to create marketplaces for boutiques and expand its reach internationally, including the US and the US, which is where the marketplace’s online presence has seen sales outside of the UK increase by 35 percent, and to 15 percent within the US in the year 2019.
In the midst of the coronavirus outbreak, Atterley reports a good growth in orders, which increased by 254 percent over the course of April 1 to 19.
Welch said: “The retail world will be forever changed following COVID-19, and retailers will have to adjust to rapidly-changing consumer purchasing trends. Our investment plan is centered on making sure that Atterley and the boutiques that we partner with will be long-term winners as the market develops. Market conditions are likely to become more favorable to industry players like Atterley and we could expect a scenario where there will be less competition after the current shakedown slows down.”
Sarah Murray, owner of the designer boutique Jane Davidson in Edinburgh, said: “During the current UK lockdown, Atterley provides an additional sales channel, which gives boutiques like mine an important sense of security. I also appreciate the feeling of belonging as part of a group with other independent retailers across the UK as well as around the world.”
