The Idle Man secures 1.4 million pound investment
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London-based online menswear retailer The Idle Man has secured 1.4 million pounds from its latest funding round, as the company looks to accelerate its 150 percent annual growth rate.
The investment round was led by private equity firm Foresight Group and includes a number of angel investors including Peter Mullen, founder of Thomas Pink and chairman of Hunter Boots.
The Idle Man was founded in 2014 by former Asos menswear buying manager Oliver Tezcan, who stated in a press release that the funds would be used to direct investment into building its own label fashion range, as well as increasing marketing, and expanding the 20-strong UK head office team.
Tuscan said: “Men, just like women, want to look good. But that doesn’t mean they shop in the same way. Men are more interested in getting the clothes they want than trying on everything in the shop.
“Men are more interested than ever in fashion. The growth potential is huge for whoever can create a retail experience that meets their needs. That has never really been done before - but the mission of The Idle Man is to change that.”
The Idle Man has secured 3.5 million pounds investment to date.
Image: The Idle Man website