Percival secures extra £3 million growth investment
Percival Menswear, the London-based contemporary fashion brand, has secured a £3 million investment from growth capital investor VGC Partners.
After a first round of funding of £150,000 in 2018, the second round will be used to double the depth of stock across all core styles to keep up with demand, as well as introducing new categories and continuing to enhance the customer experience and service.
Percival will also look to increase its market share internationally, capitalising on its US and European sales by creating dedicated online platforms to service these growing markets. At present, 20% of the firm’s sales are from overseas, split evenly between the US and EU markets.
Creating collections that “subvert the classics of the male wardrobe”, the Hackney-based brand has been featured in the David Beckham Eyewear campaign, curating a custom tour wardrobe for Irish singer/songwriter Niall Horan, and collaborating with artist and illustrator Sophy Hollington.
Percival, led by creative director Chris Gove, and head of marketing Terry Donovan, utilised the previous investment by VGC Partners to establish a “unique business model, efficient supply chain and robust e-commerce infrastructure that enables mass personalisation and new product drops every six weeks”.
This model, alongside Percival’s focus on content creation and customer service, resulted in the brand doubling its net sales year-on-year and hitting its 2022 target two years early, with a 55% profit margin.
Gove said: “The growth we’ve seen in the past few years has been incredible. Hitting our 2022 target by November 2020 just proved to us that we’ve created a brand that is truly desirable. Clothing is inherently personal so we’re proud to see so many customers enjoying and recommending our collections".
Parminder Basran, founder and managing partner at VGC Partners, added: “Percival has carved out a niche by creating a new take on the classics and delivering consistently high levels of quality. The team inherently understands fashion, but also its customers and, as a result, create collections that continue to sell out, and our investment will help them service that continued demand”.
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