The online retailer is crowdfunding as part of its plans to expand its own-label lines.
The campaign, via the Seedrs platform, went live last week and has already achieved its £1 million investment target and is now looking to a new 110% target. The funding will help Kidly’s plans to accelerate the growth of its own-label range – Kidly Label – which launched in 2019 and now has 250 options spanning seven categories.
Kidly is hoping to reduce its offering of third-party brands, due to its own-label achieving a higher gross margin. The new strategy means that the retailer will focus more on stocking brands which complement the Kidly Label aesthetic.
James Hart, founder and chief executive of Kidly, said: “Our own brand, Kidly Label, has generated over £3 million in sales in the past 12 months along, meaning the time is right to accelerate the growth of the collection and capitalise on its potential, as we know customer appetite is there.
“This focus on own-label growth, coupled with the rationalisation of our third-party brands, puts us on a steeper profit trajectory and gives us a great position to scale from.”
