By Scott Wright
A LUXURY Scottish fashion brand, which has seen its accessories carried by such illustrious names as Meghan Markle and Lady Gaga, has received a multi-million-pound funding injection.
Strathberry, which has customers in more than 70 countries, has secured an investment of £8 million from growth capital investor BGF to support its expansion plans.
The new funding will allow the brand, which was founded by Guy and Leeanne Hundleby in 2013, to develop new product categories, enhance its e-commerce capabilities, and grow in international markets through its own stores, retail partners, and digital channels.
Strathberry currently has stores in London’s Burlington Arcade, Covent Garden and King's Road, as well as boutiques in its hometown of Edinburgh. It employs nearly 60 people across its teams in Edinburgh, London and Spain.
As part of its investment, BGF has taken a minority stake in the business. Graham Clarke, an investor at BGF, will join the board.
The co-founders said in a statement: “Right from the start, BGF has shown a real desire to support our growth plans and invest in the business to accelerate what has been built to date.”
“The whole team is incredibly excited about the future opportunity and we look forward to working in partnership with the BGF team.”
Euan Baxter, investor at BGF, said: “We are particularly attracted to the authenticity of the brand and the loyal following that Strathberry has built. It’s clear that through amazing product and customer service, Strathberry has a deep relationship with its customers and is primed for widespread growth both domestically and internationally. We look forward to helping the team scale their business even further.”
Asked how the business pandemic has handled the challenges of the pandemic, a spokesman said: "As a brand showcasing quality and craftsmanship, Strathberry is very focused on retail expansion. In the past two years, Strathberry has opened three flagship stores (Covent Garden and King’s Road in London and Multrees Walk in Edinburgh) which have been received with great success despite the challenges brought by COVID. The pandemic has been a testing time for retail but the brand sees the potential and importance of bricks and mortar and is planning to expand further in new territories.
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