Moonpig founder Nick Jenkins has taken a 50% stake in online menwear retailer Smart Turnout.

Jenkins, who sold Moonpig to PhotoBox last year for an estimated £120m, is aiming to turn the retailer into a household name in the next five years.

Smart Turnout, which also has a pop-up shop in Selfridges, London, has sales of £1m per annum and sells British-made menswear and accessories.

The retailer plans to boost sales in the Far East and the US with the investment. Jenkins told the Sunday Express that he paid “hundreds of thousands” for his stake.