Troubadour is a London-based brand that designs, creates and sells premium men’s bags and accessories. Our products combine performance design with a clean, modern aesthetic and incredible craftsmanship.
We sell our products directly to customers through our website 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 Liberty of London and Harvey Nichols in the UK, Barneys, Bloomingdales, and Nordstrom in the US, and Moda Operandi and East Dane online.
We began selling six years ago and have had a compound revenue growth rate of 59% between 2013 and 2018.* 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 and industry-leading bag brands. Our board of advisors is equally impressive, with a range of relevant backgrounds and connections.
In 2017, Troubadour was named a Walpole Brand of Tomorrow by the prestigious British luxury organisation. Brands of Tomorrow are selected for a 12-month programme of networking and mentorship based on the expectation that they “will pioneer growth, export goods and services, create employment and drive innovation in luxury in the coming decades.”
Troubadour is proud to work with over 60 of the world’s best stores in more than 12 countries. Our retail partners include Liberty of London and Harvey Nichols in the UK, Barneys, Bloomingdales, and Nordstrom in the US, and Moda Operandi and East Dane online.
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 unique product designs that combine function and performance with a clean, refined aesthetic has helped to make our journey a success to date. Product design will remain 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 over 40% of our business. Direct sales are typically grown through press coverage and social media, and a loyal base of returning customers.
Wholesale sales also just over 40% of our business and are made to our 60+ retail partners who then sell our products on to their customers. 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. This comprises about 10% of our revenues. We work on two to four major bespoke contracts per year and spend significant time on each.
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. We are also backed by a handful of experienced angel investors who provide valuable advice and introductions for us.
We anticipate that approximately half of the funds raised in the current round 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 more deeply into women’s bags and accessories.
As a token of appreciation to our investors, if you invest £250 or more you will receive 20% off Troubadour purchases you make for the life of your investment.
Please note that the company has in place a convertible loan totalling £250,000 from a venture capital trust.
This loan has an interest rate of 10% p.a., payable quarterly, and a maturity date of 29 February 2024.
This loan (and any accrued interest) is convertible to equity under the following circumstances, should the lender choose to convert:
• when the company next issues shares, at a 25% discount to the share price of such issuance; or
• between 1 March 2021 and 29 February 2024 at a share price of £6.69, less 10% interest on £6.69 compounding annually; or
• on a sale of the company, at a 25% discount to the share price paid in such sale