Kidly crowdfunds to expand own label
Kidly, the online retailer for children up to the age of five, has launched a crowdfunding campaign via the Seedrs platform as part of plans to expand its own-label products.
After going live this week, the campaign has achieved 95% of its £1 million investment target, with 85% of this reached in the first two days.
The move comes as the retailer looks to accelerate growth of its own-label collection, Kidly Label, which launched in 2019 and now has 250 options spanning seven categories.
Kidly is also looking to reduce its offering of third party brands due to its own-label typically achieving a 20% higher gross margin. The new strategy means the retailer will focus more on stocking brands that complement the Kidly Label aesthetic.
James Hart, founder and chief executive of Kidly, said: “Our own brand, Kidly Label, has generated over £3 million in sales in the past twelve months alone, meaning the time is right to accelerate the growth of the collection and capitalise on its potential, as we know customer appetite is there. This focus on own-label growth, coupled with the rationalisation of our third-party brands, puts us on a steeper profit trajectory and gives us a great position to scale from.”
Since November 2022, Kidly Label has been sold on the Next platform since. The new crowdfund investment will enable the retailer to work with more wholesale partners to raise brand awareness and to re-enter international markets such as the US and Europe.
