Atterley.com, a fashion retailer that specializes in connecting independent fashion boutiques and brands to an online platform, has secured £3 million in funding. The investment comes from Maven Capital Partners, Scottish Enterprise, and existing shareholders. With this funding, Atterley.com aims to expand its international operations, particularly targeting the US market.
Atterley.com operates as a marketplace for over 250 independent boutiques, providing a wide selection of brands on its website, totaling around 3,000. The company has experienced remarkable growth, with a 200% increase in sales in the first quarter of this year compared to the previous year. This growth is attributed to strong repeat sales and ventures into new markets.
The key to Atterley.com’s success lies in its ability to retain existing customers while attracting new ones. Although the closure of physical stores due to the COVID-19 pandemic has contributed to the shift towards online shopping, founder Mike Welch believes it is just a small part of the equation. He sees the recent investment as a significant milestone for the company, propelling it towards further substantial growth.
David Milroy, a partner at Maven, acknowledges the ongoing transformation in the retail sector and recognizes the opportunities it presents for online fashion marketplaces. Milroy also emphasizes the importance of Atterley.com’s commitment to its boutique partners. This approach allows the company to offer consumers a diverse range of premium, emerging, and undiscovered labels, carefully curated by some of the world’s most talented fashion buyers.
Atterley.com currently has a team of 20 individuals, including CEO Kenny Baillie and COO James Eccleshall, both of whom previously worked with Welch at Blackcircles.com, an online tire business. Notable existing investors include Sir Terry Leahy, former CEO of Tesco, Graeme Bissett, former Chairman at Blackcircles.com, and Alexandra Shulman, former Vogue Editor, who also serves as an advisor to the company’s board.
Overall, Atterley.com’s recent funding success and impressive sales growth position the company for further expansion. With its focus on supporting independent boutiques and offering a wide range of premium fashion brands, the company is well-equipped to meet the changing demands of online shoppers in the UK and beyond.
