UK-based sustainable female underwear brand, Stripe & Stare, has raised £2.5 million in funding to expand its operations.
BGF, a UK and Ireland-based investment firm, provided £1.5 million of the total funding, with the rest coming from individual investors, including Richard Longhurst, co-founder of adult sex-toy and lingerie brand Lovehoney.
Stripe & Stare was formed by friends Katie Lopes and Nicola Piercy in 2017 with the goal of making comfortable and environmentally sustainable intimates. Its underwear, loungewear, and sleepwear are all manufactured from Modal that is sustainably produced. The firm says that its underwear is 95% biodegradable and that it released the world's first 100% biodegradable lace underwear collection last year, which can be composted.
Increased customer demand, a strong e-commerce industry, and being sold in UK shop Selfridges and US retailer Bloomingdales have all contributed to the firm's sales growth of over 100% annually over the last three years, according to the company.
Nicola Piercy, co-founder of Stripe & Stare, said that the last 12 months have exceeded all expectations for the firm. They've witnessed sustained organic growth and high percentages of repeat purchases. We've designed a product that women adore, and as a result, their product line has gained an international reputation. It was evident that they required a partner who understood their company's demands and could provide the support they needed to scale in order to go to the next level of growth.
Daniel Tapson, investor at BGF, said that Stripe & Stare represents an exciting opportunity to back a fast-growing brand that has put sustainability at the heart of its business. They were inspired by Nicola and Katie's vision and beliefs, two inspiring female founders who are motivated to shake up the fashion business and are enthusiastic about demonstrating that profit and purpose are not mutually exclusive.
Stripe & Stare chairman Robin Howard, a former menswear and childrenswear director of Boden, said that Stripe & Stare has a clear aim to be one of the largest sustainable fashion businesses in the world. They will have the financial footing and strategic guidance to undertake these changes thanks to BGF's support and the support of their new investors.
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