London-based menswear brand specializing in designing and creating superior handcrafted leather goods.
- London, United Kingdom
Categories: Clothing & Accessories Mixed Digital/Non-Digital Mixed B2B/B2C
- Social Media
- Company number
- Incorporation date
- 5 Dec 2011
- Investment sought:
- Equity offered:
Troubadour is a London-based brand that designs, creates and sells premium men’s accessories. Our products combine performance design with a clean, modern aesthetic and incredible craftsmanship, to produce pieces that age beautifully and last for decades.
We sell our products directly to customers through our website and pop-up shops, and via more than 60 of the best stores in the world in more than a dozen different countries. Among other well-known names, our retail partners include Selfridges and Harvey Nichols in the UK, United Arrows and Isetan in Japan, and Barneys and Nordstrom in the US.
We began selling three years ago and have had a compound revenue growth rate of over 160% between 2013 and 2015.* We are backed by a London-based venture capital firm and have a team made up of talented industry professionals.
We believe we have built a strong foundation of a great team and fantastic products. This provides the basis for continued expansion of our brand awareness and distribution.
*Source: unaudited financial accounts
Troubadour was born out of a desire for a men’s overnight bag that was appropriate for the office, but not so formal as to be out of place in a more casual setting. Performance is at the heart of our design process, with the team thoughtfully tailoring each piece to meet the lifestyle needs of the Troubadour shopper.
Before creating Troubadour, we spent 18 months getting to know the top designers, tanneries, and artisans in Europe and around the world, and many of those relationships continue today. We spend significant time with our clients and retail partners to make sure we develop a complete, in-depth understanding of the functional requirements of every piece we create.
At the centre of everything that Troubadour does is the concept that modern design should emerge from a thoughtful idea, innovative production techniques and quality materials, combined with interesting, straightforward and uncomplicated aesthetics.
Substantial accomplishments to date
We have an amazingly talented team that has worked in key positions at top luxury houses. Our board of advisors is equally impressive, with a range of relevant backgrounds and connections.
Troubadour is proud to work with over 60 of the world’s best stores in more than 12 countries. Our retail partners include Selfridges and Harvey Nichols in the UK, United Arrows and Isetan in Japan, and Barneys and Nordstrom in the US.
We have also built a committed following of customers that includes a strong core of “die-hards” who have made multiple purchases and follow the brand closely.
We believe that our incredible collection of products has made our journey such a success to date, and is at the centre of our efforts to continue to improve and grow our business. You don’t need to take our word for it, though…
Troubadour has three sales channels: retail (through our online store and pop-ups), wholesale and bespoke.
Our direct sales business represents about a quarter of our business. Direct sales are typically grown through press coverage and a loyal base of returning customers.
Wholesale sales are made to our 60+ retail partners who then sell our products on to their customers. This can provide a solid base of recurring revenues and is driven by key fashion trade shows in Europe and North America. We are very selective in which wholesale accounts we work with, and only sell to stores that we consider have the highest levels of customer service and satisfaction.
Our bespoke offering is for corporate clients and high-net-worth individuals seeking custom designs. We work on two to four major bespoke contracts per year and spend significant time on each. This has been profitable, meaningful work that has a symbiotic relationship with the rest of our business.
Use of proceeds
We are backed by Pembroke VCT, a luxury-focused venture capital firm based in London. They are a fantastic partner for us and we are excited to broaden our investor base through Seedrs.
We anticipate that approximately half of the funds raised will be used to support sales growth to our customers and retail partners. The other half will be used to fund working capital requirements from our forecast growth plan. This working capital is primarily allocated to additional inventory and expected accounts receivables growth, as many of our retail partners receive payment terms.
Over time we see an opportunity to expand the brand into adjacent market segments, including other men’s luxury products and women’s accessories. However, our immediate plan is to build on our current platform and grow sales of our men’s accessories products.
As a token of appreciation to our investors, if you invest £250 or more you will receive 20% off any Troubadour purchases you make for the life of your investment.
Troubadour competes in the luxury leather goods market. This market is large and growing, but it is fragmented and is expected to remain significantly diverse in the future.
As such, for Troubadour to be successful, it does not need to be “the winner” but rather “a winner” with a following that represents a small share of the overall market.
Characteristics of target market
Personal luxury goods have outperformed the overall global economy consistently over the past two decades. From 1994 to 2015 the sector had an average growth rate of 6%, and from 2010 to 2015 an average growth rate of 8% compared with 3% for global GDP (Bain).
Within the personal luxury goods sector, leather goods represent a €43 billion market. This is one of the fastest-growing overall categories, with an average annual growth rate of 12% between 2010-2015 (Bain). This growth has been driven largely by the men’s market for luxury leather goods: Troubadour’s sweet spot.
The men’s accessories landscape is fragmented. Two segments are the most competitive: (1) extremely expensive, trendy products and (2) inexpensive, classic products. Troubadour is positioned in a different and less competitive segment. The clean aesthetic of Troubadour’s products and positioning in top press and retailers has allowed the brand to be perceived as cool, but also appeal to more classic customers.
Troubadour does not spend money on conventional advertising, preferring to invest in creating strong imagery and other content than can be shared with the media, as well as via our email newsletter and social media.
We work with a very talented London-based PR firm and with our network in Europe, the US, Japan, and Australia to generate press coverage of our brand and our products.
Our 60+ retail partners around the world provide a fantastic avenue for shoppers to discover us and learn about Troubadour. We believe that few brands in the world can leverage such strong retail relationships with such a high caliber of stores. From Selfridges and Harvey Nichols in the UK, to Isetan and United Arrows in Japan, to Barneys and Nordstrom in the US, we have created and nurtured a unique and powerful network of retail partners.
Finally, we have found increasingly that more and more of our business is being done with repeat customers and people who find us through referrals. As our brand continues to become more well-known, we expect this trend to continue and to be a major source of value over the longer term.
Our success is based on our ability to make amazing products that our customers love. As long as we continue to create great products, and offer them to our customers at competitive prices, we believe that we will continue to achieve success.
Troubadour targets a segment of the market that larger brands have not been able to capture effectively: focusing on products made with excellent craftsmanship that are highly functional and versatile, with a modern aesthetic and clean design. This focus on our products and brand has allowed Troubadour to connect with – and sell to – men who would otherwise have been tertiary customers of other brands.