Fashion etailer My-Wardrobe is seeking another round of investment to accelerate growth as it targets sales of £100m by 2015.
Co-founder Sarah Curran, who set up the business with her husband Andrew in 2006, said it is well placed to grow without additional investment but new capital would help guarantee its “number one position in online affordable luxury”.
She said: “The investment will mean we have the marketing spend to support growth and increase our buying power for new brands.”
My-Wardrobe is in talks with institutional funds to take a 20% stake in the business. The Currans will remain majority shareholders.
“This will be a strategic partner but nothing has been finalised yet,” Curran said.
My-Wardrobe has continued to achieve growth of more than 100% on a like-for-like basis. Sales in the last quarter of 2009 soared 109% to £2.7m. The fundraising comes after it emerged that luxury etailer Net-a-Porter is to be sold to Swiss luxury group Richemont, an existing shareholder, valuing the company at £350m. Net-a-Porter said it would not comment on speculation.
It is unclear what involvement Net-a-Porter founder Natalie Massenet would have in the company in future but sources said as the face of the brand it would be worthwhile for Richemont to keep her involved.