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