HIGH-PROFILE entrepreneur Mike Welch has left the door open to floating online fashion retailer Atterley.com after it secured a multi-million-dollar investment.
Mr Welch, who forged his reputation by building online tyre firm Blackcircles.com and selling it to Michelin for £50 million, relaunched Atterley in early 2016 after its previous owner went into administration.
It has now been backed by PDS Multinational Group, a design house and clothing manufacturer dual-headquartered in Hong Kong and London, with the investment to be used to drive its continuing international expansion. It was announced just days after the £4.4 billion flotation of luxury online fashion retailer Farfetch in New York, underlining the investment case for global e-commerce retailers.
Atterley has a similar model to Farfetch, allowing independent boutiques and brands to list and sell their items on its site. More than 100 boutiques sell on the platform, with goods reaching around 80 countries. The US is its fastest-growing market.
With offices in Edinburgh, London and Milan, Atterley is headed by Debra Langley, a former president of DKYN Jeans International.
Mr Welch said: “We have spoken to a wide range of potential funders over the last six months, including private equity firms and industry players, but PDS really stood out in terms of the strategic fit, our vision for the business and the development of an Atterley own brand.”
He added: “If there is a value precedent being set in the market then we wouldn’t rule out a float of our own, all options remain open to us and we own enough of our equity to determine our destiny.”
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