A Bermondsey-based tailoring business aims to become a cut above the competition after crowdsourcing a £1million investment.
A Suit That Fits offers tailored garments at high street prices and has studios all over the UK, and produces more suits annually than the whole of Savile Row.
The company started its Crowd Cube campaign in July, which saw 482 investors investing an average of just over £2,000 each to enable them to raise double the initial target, at just over £1 million.
Around 85% of the investors were pre-existing customers, meaning they will now own more than 8% of the business at its £10 million valuation.
A Suit That Fits said it would use the investment to create the UK’s largest network of bespoke fitters, through a new “Fit Expert Marketplace”, creating 300 bespoke fit experts to help tailor suits.
Founder David Hathiramani said: “This campaign has been a resounding success and we have been overwhelmed by how our customers have bought into this campaign. We now have the ammunition to scale the business.
“With 170 fit expert enquiries already, we are well and truly on our way to deliver a £90 million valuation within five years. It is the start of an exciting journey!”.
A Suit That Fits was founded in 2006 after a friend of Mr Hathiramani returned from travelling with an inexpensive suit from Kathmandu, where part of the business’s operation is now based.