A SCOTTISH clothing brand which specialises in fashionable yet “technical” outdoor jackets for women has embarked on a £500,000 crowdfunding drive.
Perth-based Protected Species, whose jackets combine the weatherproof technology of brands such as North Face and Berghaus with contemporary designs, plans to use the funds to expand its product range, hire staff and drive exposure of the brand.
It is making 33 per cent of the equity in the business available to investors on the Growth Capital Ventures platform, run in partnership with Maven Capital Partners, the Glasgow-based private equity house. The ultimate aim of owners Anne Muir and Rebecca McElligot is to establish the brand on the shelves of high-profile retailers and online before ultimately securing an exit from the business.
Ms Muir said: “We’re looking to raise half a million [pounds], so we are selling a third of the business – 33 per cent [of the] equity for half a million. Quite a big chunk of that is [for] marketing because we really need the exposure.
“We also want to expand the range to have a much more holistic women’s performance-wear brand, so it is not just the waterproof. And [we want] to grow the team as well so that in five years’ time we have a solid offering that can go into a trade sale. That is the outline plan.”
Asked if the owners’ ultimate goal is to exit the business, Ms Muir replied: “Yes.”
Ms Muir brings a background in business development and “tech transfer” from academia to commercialisation to the business, having worked for the universities of Strathclyde and Dundee. Ms McElligot, who trained at the London College of Fashion, has spent much of her career in product development and sportswear design, notably in golf.
The bulk of Protected Species’ sales are currently made online, but listings have been secured with a handful of upmarket retailers, including boutiques such as CCW in the west end of Glasgow, and stores in Edinburgh, Aberdeen and North Berwick. The brand has also garnered exposure through celebrities such as Sara Cox, Jenni Falconer and Laura Mvula wearing its jackets.
Ms Muir, who pinpointed mainland European countries such as The Netherlands and Germany as key target markets, said: “We feel we have proven the market. We feel we have something special so we are out raising investment so that we can take it to the next level and grow the company, and get the brand out there.”
Noting that the investment raised through the crowdfunding drive will be mainly used to build the brand’s presence online, she added that “going forward we want to move much more into bigger retailers and have strategic partners there.”
Ms Muir, who led the knowledge exchange division at the University of Dundee, stated that Protected Species meets a demand for functional yet stylish outwear, noting that the brand fuses “contemporary design with technical clothing”. The fabric was originally developed for golf wear, which Ms Muir said means it is both quiet and soft. “It feels really different to a traditional waterproof,” she said, adding that its qualities mean it is easier to cut into styles for female clothing.
Ms Muir said: “It’s not showerproof or water resistant – it’s properly waterproof. It’s not a fashion brand, it’s more like lifestyle [clothing].
“We focused on the female market because we felt that was where the gap was. Quite a lot of the technical stuff like North Face and Berghaus is quite masculine, or they ‘pink it and trink it’ for the womenswear market. We just bring in a different slant on it.”
The company designs its own range and had hoped to manufacture in Scotland, but was unable to identify a manufacturer able to meet its requirements. The duo eventually settled on a small-scale ethical producer in China which specialises in “low volume, high quality” output. The waterproof fabric is sourced in Taiwan. Both the manufacturer and the fabric supplier are led by female entrepreneurs, Ms Muir said.
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