Luxury recommerce, delivering the needed change in how the world shops for fashion.
- Over 200k registered users & visitors from 166 countries
- Successful collaborations with Vogue, Sotheby's, Ecologi and GOSH
- LTV:CAC ratio of 7:1 over an 8 year cohort
- Experienced team with strong shareholder alignment
Hewi is a leading UK based luxury resale platform. Our mission is to be the destination for luxury recommerce. With over 200,000 registered members currently, we want to drive fashion forward for good. Sustainability is central to our business, advancing circular fashion, encouraging a move away from primary consumption and extending the life of beautiful products. We support societal and environmental causes through charitable and green partnerships.
We offer a VIP service to sellers from the worlds of fashion and film, helping them manage their wardrobes. We have collaborated with brands such as Sotheby's, creating its first ever luxury handbag and accessories auction; and partnered with Vogue to host a sale of items from the wardrobes of 23 supermodels including Bella & Gigi Hadid with proceeds going to charity.
With our 10 year anniversary in 2022, we launched our new tech platform built using best in class technology with the ability to significantly enhance UX/UI and conversion.
Substantial accomplishments to date
- Hardlyeverwornit (Hewi) founded by Sharon Wolter-Ferguson and her daughters; Natalya and Tatiana as a way to provide for the family and create a platform where luxury items could have an extended lifecycle and to change the way people consume
- Charity auction for UNICEF including a t-shirt belonging to Harry Styles
- Winners of the Santander Breakthrough 50 Award
- Passed £1m in total GMV
- Hewi Hermes Birkin featured in McMafia and McQueen gown worn by Villanelle in Killing Eve
- Tatiana Wolter-Ferguson becomes CEO introducing new growth strategy
- Become Diamond Partner with 1st Dibs
- Partnered with Sotheby's for their first ever Luxury Handbag and Accessories Auction
-Partnered with Great Ormond Street Hospital Children's Charity to host first ever digital event; Shop Wear Care Online, participating brands included Dior, Goop and Jimmy Choo
- Hewi partners with British Vogue as their first resale partner to host a charity sale of items from the wardrobes of 23 supermodels including Gigi & Bella Hadid with proceeds going to the NHS and NAACP
- £0.5m raised from existing and new investors by way of an ASA and direct equity investment (inc. Chair Designate £100k and COO £60k)
- Hewi features in The Telegraph and the FT How To Spend It
- Trademark granted for 'Hewi'
- New website launched in February 2022 marking a significant step from the previous platform which had been in place since the start of the business.
We achieved all of the above with only £2.3 million of investment raised in the 10 years since launch.
Having been in the luxury resale market for many years, we have large number of sellers and buyers creating a virtuous 'network effect.' This longevity has also given Hewi a reputation for trust, reliability and quality, which is critical in our market.
We generate revenue from a commission on sale of the products, which is competitive.
Our 3 customer profiles:
1) VIP - A full service offering of all aspects of the sales experience on behalf our our clients.
2) P2P - Our peer-to-peer marketplace, where all items are pre-screened by Hewi
3) B2C - Commercial partner products, integrated through API, offering access to our digital marketplace
We focus on tiering and segmenting clients, while driving additional opportunity across our top percentiles. 3% of sellers generate 50% of revenue and 6.8% of buyers generate 50% of revenue.
Having been in business over a number of years, we have a substantial data set and the people and technology now to utilise this data and optimise performance.
Use of proceeds
We have transformed a family-business into a vibrant company with great people, passionate about full-circle luxury fashion. The achievements to date and digital platform established have been with minimal external investment. We are seeking new investment to drive growth forward, with resale growing 11 times faster than traditional retail and luxury resale forecast to grow 10-15% per annum over the next decade (McKinsey).
Proceeds will be used for two primary purposes.
We have an exciting tech roadmap to further enrich our user experience
- Enhancement of our proprietary e-commerce platform
- App development
- Automation of operational processes
Our marketing is highly effective. Our marketing payback is immediate and on the first order, with every £1 we spend on digital marketing generating an immediate return of £1.60.
- Increase in digital marketing capability
- Further investment in brand and social media marketing
- Additional PR and offline marketing
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
The company has the following outstanding loans:
1. £182,800 Director’s loan at zero interest. The loan is to be repaid in monthly installments of £2,500 starting April 2022 and has no maturity date. Repayments can be withheld at the discretion of the company.
2. £44,483.20 Bounce Back Loan at an interest rate of 2.5% per annum. The loan is to be repaid by August 2026.
3. £89,206 is owed to HMRC for delayed payments resulting from the Coronavirus pandemic. HMRC accepted their resolution to repay this debt in monthly instalments of £8,000, which started in October 2021.
4. £138,921 is owed to HMRC on account of volunteered errors. An internal review by the new CFO in 2020 uncovered some incorrect calculations regarding VAT and the company has proactively volunteered this to HMRC, corrected their financial controls and corrected their tax submissions. The company has proposed to HMRC to append this debt to the existing payment schedule outlined in point 3, and in doing so repay this debt in monthly instalments of £8,000.
The funds raised from this investment round will not be used to repay these loans.
Advanced Subscription Agreement converting in this round
The company has outstanding convertible investments structured as Advanced Subscription Agreements, or ASA's, totalling £380,000. These ASA's are converting in this round at a 25% discount to the share price. The shares from this conversion have been included in the pre-money valuation presented in the campaign, so that it is on a fully diluted basis.
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