Strathberry gets £8m investment, targets international growth
British premium bags brand Strathberry has secured £8 million in funding from investment group BGF as it sets its sight on growth outside of the UK.
The latest investment values it at £32 million, which is around three times the revenues it generated in the last year for which accounts have been filed (the 12 months to April 2020). It also made pre-tax profits of £1.6 million in that period.
The Scotland-based business was originally crowd-funded via kickstarter when it debuted almost a decade ago. Founders Guy and Leeanne Hundleby then found their label thrust into the public consciousness when one of its bags was carried by Meghan Markle before her wedding. Since then they’ve been carried by a number of other celebrities.
The company now has around 60 staff and its bags are manufactured in Spain. It has been building its business in Asia and wants to target US growth.
It has also been focusing on growing in the UK and has opened stores in London’s Burlington Arcade, the King’s Road and Covent Garden, as well as in its Edinburgh home city.
Euan Baxter, investor at BGF, said: “We are particularly attracted to the authenticity of the brand and the loyal following that Strathberry has built. It’s clear that through amazing product and customer service, Strathberry has a deep relationship with its customers and is primed for widespread growth both domestically and internationally.”
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