Welch to raise £500,000 for online retailer Atterley
Mike Welch: the retail world will change forever
Mike Welch’s online fashion marketplace Atterley has launched a Crowdcube campaign today, targeting a minimum £500,000 to support the further development of its technology for boutiques and grow its presence overseas.
Atterley.com has experienced a sales increase of over 200% during the Covid-19 lockdown against the same period in 2019.
Atterley, which is used by over 250 independent boutiques to reach customers worldwide, has around 2,800 brands live on the site.
Mr Welch, who set up and sold online tyres retailer Blackcircles, created Atterley in 2016.
He said: “The retail world will change forever post Covid-19 and retailers will be forced to adapt to fast-changing consumer buying trends.
“Our investment plan is focused on ensuring that Atterley and our partner boutiques are long-term winners as the market evolves. Market conditions are going to increasingly suit industry players like Atterley and we can see a situation where there is less competition when the current shakedown stabilises.”
“The beauty of our business model is that instead of operating out of warehouses with stock piles, our boutique partners provide Atterley with stock and can operate with just one person in each store ensuring safe continuous trading while their doors remain closed to the public.
“We’re seeing customer growth on the back of the public wanting to support local boutiques during the pandemic and we’ve also seen a marked upswing in boutiques wanting to join the platform since the lockdown took hold.”
Alongside its crowdfunding campaign, Atterley is also actively engaged in VC investment discussions.