PRN: The Idle Man: Former ASOS Executive Bags $1.2m in Follow on Investment and Adds ex Amazon FD to Board

08/ott/2014 11.30.26 PR Newswire Turismo Contatta l'autore

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The Idle Man: Former ASOS Executive Bags $1.2m in Follow on Investment and Adds ex Amazon FD to Board

 
[08-October-2014]
 

LONDON, October 8, 2014 /PRNewswire/ --

The Idle Man, an online destination for young fashion-savvy men, has just secured a follow on round of investment of $1.2m from the private equity house Foresight Nottingham fund. The company has seen spectacular growth of 40% month on month since its launch in May and the senior management team has been further bolstered with the appointment of Amanda Minshull-Beech, former FD of Amazon Europe.

The site is the brainchild of Oliver Tezcan, ex-head of menswear at ASOS, who was driven by a desire to create a credible men's shopping site.

The site is now live for shoppers at TheIdleMan.com. It offers a curated edit of the best of the high street - with clothing, shoes and accessories from widely respected brands such as Levi's, Nudie, Converse, Vans, Herschel, Cheap Monday and Eastpak.

The Idle Man has just launched an exclusive collaboration range with Hype, one of the UK's leading streetwear brands. The Idle Man is also launching an own-label range for October 2014. The range will focus on the key requirements for every young man's wardrobe, from T-shirts to sweatshirts and jeans to chinos, all at an affordable price.

Tezcan says: "Men are always an after-thought in fashion. Men's ranges are hidden in the basement or plonked on three shelves on the top floor.

"Even online, men have not been catered for well. Over the years I've had a nagging feeling that the average guy could be serviced better - and that's what The Idle Man will do."

The site is designed so that customers can find exactly the look they want with the minimum of fuss.

Tezcan said: "Men, just like women, want to look good. But that doesn't mean they shop in the same way. Men are more interested in getting the clothes they want than trying on everything in the shop."

"Put simply, men would rather be at the checkout than in the changing room. The Idle Man is designed to show men a great look at any price point. Our customers can be confident that they look cool, without having to research the latest from London Fashion Week."

He said: "Men are more interested than ever in fashion. The growth potential is huge for whoever can create a retail experience that meets their needs. That has never really been done before - but the mission of The Idle Man is to change that."

Notes to editors 

The following brand new industry figures are from Mintel, 2014:

The UK menswear market grew by 18% between 2008 and 2013 to reach £12.9 billion in 2013

Sales have grown almost 5% (4.8%) in the last year as clothing retailers have increasingly turned their attention to menswear.

Mintel forecasts that the men's fashion market will grow by 27% between 2013 and 2018 to reach £16.4 billion.

"Today's new figures prove that London is without doubt the home of men's fashion, supporting increasing numbers of businesses and jobs. The fact that menswear is expected to grow by a third in the next 5 years is testament to our unrivalled heritage and the visionary designers dominating our catwalks. Plus the capital's men are the sharpest dressed around, so it's time to puff out our plumage!" - Mayor of London, Boris Johnson

There has been a shift in the shopping behaviour of young consumers aged 16-24 and they are increasingly buying more clothes online than in store according to Mintel data, April 2013. The research shows that under 25s are more likely to have bought more clothes online than in store, with three in ten doing this compared with one fifth who chose clothes online, but purchased in store.

Furthermore, Mintel's research also reveals the addictive nature of online fashion. Today, as many as four in ten (40%) adults aged 16-24 years believe that shopping online doesn't really feel like spending money, admitting that they tend to spend a lot more than they would in an actual shop.

http://www.mintel.com/press-centre/press-releases/695/online-fashion-clicks-with-brits-as-market-increases-152-over-past-five-years

Links 

Navigation around the site is intuitive, clean and simple, and available on desktops, tablet and mobile.

TheIdleMan.com

twitter.com/The_Idle_Man

facebook.com/idle 

https://www.facebook.com/pages/Theidleman/193626954140060?ref=hl

Instagram.com/theidleman

 

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