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Fashion Site, Designer Wardrobe, Extends Offer

Thursday 29 June 2017, 6:31PM

By Beckie Wright

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Followers of the pre-loved fashion site, Designer Wardrobe, will have been interested to read in NZ Herald last week that they have extended their capital raising target, after it passed $1.3 million in a week. The Auckland-based peer-to-peer sales and rental business debuted last month on equity crowdfunding platform Snowball Effect.

 

Interrested investors were given a chance to preview the offer on May 8, with $1.3 million raised before the offer went live to the public. Designer Wardrobe’s founder, Donielle Brooke and chief executive, Aidan Bartlett both said they were thrilled with the result.

 

Designer Wardrobe has always focused on womenswear; however, Brooke says the capital will be used to expand into menswear and kidswear, as well as funding expansion into Australia.

 

Donielle explained that, “The capital will be used to create an even bigger and better peer-to-peer experience for our much loved members. We are going to stick with what our customers love, which is some of the usual designer brands, but then we’ll also look into some higher-end things like Gucci.”

 

Brooke founded Designer Wardrobe in 2013, originally through Facebook, and when the page amassed several thousand followers in the first few weeks, Brooke decided to set up a business platform, with the help of Aidan Bartlett.

 

This platform now has a growing customer base of more than 87,000 members with more than 26,000 listings and about 1.2 million page views per month. Interestingly, Designer Wardrobe also has a key backer in Spark chief executive Simon Moutter, who was an early investor and chairman of the company.

 

The maximum equity on offer is 29.8 per cent based on a pre-money valuation of $4 million, with the offer closing on June 15.

 

To find out more about Designer Wardrobe and their range of pre-loved designer clothing, please visit the website at http://www.designerwardrobe.co.nz .