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PANTSANDSOCKS.COM

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An online retailer & subscription service set to transform how men buy their branded underwear and socks.

101%
 - 
Funded 16 Aug 2021
£200,002 target
£205,504 from 132 investors
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Business overview

Location Wallington, United Kingdom
Social media
Website pantsandsocks.com/
Sectors Clothing & Accessories Digital B2C
Company number 12474063
Incorporation date 20 Feb 2020
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Investment summary

Type Equity
Valuation (pre-money) £3.8M
Equity offered 5.07%
Share price £2.54
Tax relief

SEIS

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Business highlights

  • ‘Authorised Stockist’ of leading brands, including CK, HUGO BOSS.
  • A fully automated, no-fuss subscription service.
  • “Excellent” Trustpilot rating.
  • Fulfilled over 2000 orders with over 100k unique website visits.
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.16 +
  • Direct investment min. £50,000.00 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 132
  • Discussion
  • Documents

Idea

Introduction

PANTSANDSOCKS.COM is a direct to consumer service aiming to change the way men buy branded underwear.

Traditionally catered for by bricks and mortar department stores, the Pants&Socks vision is to create a specialist store offering the widest and deepest selection of leading brands for the sector. Our mission is to be a convenient, one-stop-shop for the top brands in the market.

In addition to one-off DTC purchases, customers can also choose to subscribe to a regular delivery of new underwear. Offering at least a 10% subscription discount and free delivery provides customers with a cost-effective and convenient service. Our customers tell us what they like. We handle the rest.

As an authorised stockist, we supply the best brands in the business to our customers. All designer brands are keen to maintain their reputation and they will only deal with businesses that reflect their quality and meet their high standards - and our customers agree with the brands’ evaluation, that’s why we’ve achieved an excellent rating on Trustpilot.

Substantial accomplishments to date

Since we launched in September last year, we’ve been very busy. So far we have:

1. Become an ‘Authorised Stockist’ of 16 leading brands, and counting: This includes CALVIN KLEIN, HUGO BOSS, POLO RALPH LAUREN & TOMMY HILFIGER.

2. Fulfilled over 2,000 orders.

3. Welcomed over 100,000 unique website visitors.

4. Achieved a 4.6/5, ‘Excellent’ Trustpilot rating.

5. Signed up over 4,000 people to our database.

6. Built a management team full of fashion and digital experience.

7. Have begun to develop our internal capabilities, by hiring a Head of Communications and an E-commerce Manager.

8. Have laid the foundations of our identity; from the models we use, to our tone of voice. PANTSANDSOCKS.COM is about the consumer, and as “almost three out of four consumers (73%) think that underwear advertising campaigns should feature models that represent the average person”, we’ve done just that.

9. Operating on an established e-commerce platform and utilising a variety of industry standard apps, the website and processes have been refined to ensure a user experience that is both simple and efficient.

10. Integrated with Amazon and Google Shopping to provide additional revenue streams.

Monetisation strategy

Our target group of consumers is older millennials (29-38), who are reaching the pinnacle of their careers. They have disposable income but are time-poor, and so our services suit them:

- Research shows that men are brand loyal and do not shop around. Pants&Socks offers one-off purchases and a subscription service. Customers can subscribe to a regular delivery of new underwear, monthly, quarterly or just every six months. This service makes life a little easier for a busy, yet fashion conscious customer base.

- Pants&Socks consistently improves its product selection. Despite product loyalty, 30% of 16-34 males want a better range of available brands, and 19% want more frequently updated ranges. Pants&Socks aims to fulfil this need by giving customers access to 16 brands and over 1,500 product types. We will look to further expand our offering with an aim of doubling the number of brand partnerships by the end of Q2 2022.

Additionally, we plan to increase revenue as we grow with:

- The rollout of our very own P&S label in Q4 2021, which will aim to enhance margins.

- Expansion beyond the UK. An overseas footprint is targeted for 2024.

Use of proceeds

- The capital raised through crowdfunding will be added to the marketing and inventory budgets, at a ratio of 3:1.

- In the short-term, this will help drive Pants&Socks’ goal of achieving 100,000 unique visitors per month by the end of Q3 2021.

- The revenue that this capital injection will hopefully generate, will then go towards fuelling Pants&Socks’ efforts to meet its other targets, as outlined in the monetisation strategy and our investor deck.

-During this phase of expansion, we plan for PANTSANDSOCKS.COM to continue to develop its internal capabilities at a sustainable rate.

Key Information

Outstanding Debt:

The company has the following outstanding loans:

1. £210,000 of non-interest bearing Shareholder loans, with no repayment date. The loans will be repaid from future revenues of the business.

The funds raised from this investment round will not be used to repay these loans.

Founders Interests:

Natalie Clews (majority shareholder of Pants&Socks.com) is also the sole shareholder of A and B Menswear Limited. A and B Menswear Limited owns two bricks and mortar stores; one in Surrey selling men and women’s clothing, as well as a tailoring store in Jersey which is open on an appointment only basis. The company employs 4 full-time staff. Natalie attends monthly board meetings and oversees stock control matters for the business. Less than 20% of her working week is spent on A and B Menswear.

Richard Clews (CEO of Pants&Socks.com) is also a Director of A and B Menswear Limited. Richard’s involvement with A and B Menswear is in an advisory capacity, and his primary commitment remains being full-time CEO of Pants&Socks.com.

Natalie & Richard’s son currently manages the daily operations of the business, and intends to take over the A and B Menswear business in the future. Pants&Socks.com does not rely on any services from A and B Menswear.

Tax Relief

Please note, investments in this round are expected to be eligible for SEIS tax relief.

£100k of investment reflected as part of the round is from investors who are ineligible for SEIS. As a result, SEIS allocation will be available up until the campaign bar reaches £250k. Investment beyond this point is expected to be eligible for EIS tax relief.

Tax treatment depends on individual circumstances and is subject to change in the future.

Investor Perks

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. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £3,810,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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