Home / Knowledge / News / Information Technology / Fits.me to expand in Europe & US with £5mn new funding
Fits.me to expand in Europe & US with £5mn new funding
18
Apr '13
Fits.me announced total Series A investment in the company of close to £5 million.  Series A investment has been subscribed by existing investor SmartCap, with new participation from Conor Venture Partners, Fostergate Holdings Limited and The Entrepreneur’s Fund.

Previously, in May 2009 and August 2010, the company received total seed and early-stage investment of just under £1.75m from Smartcap and angel investors, and £0.5m in grants.

Fits.me develops, markets and operates virtual fitting room solutions on a software-as-a-service (SaaS) basis for online clothing retailers, helping them to overcome the problems of low online conversion rates and high garment returns rates caused by doubt over fit and poor fit respectively.

The company counts many well-known retailers among its clients, including Adidas, Avenue32, Barbour By Mail, Boden, Ermenegildo Zegna, Hawes & Curtis, Henri Lloyd, Hugo Boss, John Smedley, L.K.Bennett, Mexx, Nicole Farhi, Otto, Pretty Green, Superdry and Thomas Pink. 

Fits.me will use the new funding to support accelerated Sales and Marketing programmes – including international expansion into the France, Germany, other EU countries and the USA – and to continue to scale up its Operations to meet predicted demand.

Conor Venture Partners’ Manu Mäkelä said: “While large swathes of retailing already takes place online, there are sectors for which the real online growth has yet to come.  Apparel is chief among those sectors, primarily because buying clothes is such a subjective process – most obviously when it comes to ‘fit’. 

"Fits.me has a sophisticated solution that works, delivers provable results, is easy for retailers to deploy and has been signed up by a growing band of respected retailers and brands, on an international basis.  From an investor’s point of view, there is tremendous growth potential.”

In February 2013 the company launched Fit Advisor, a complementary version of the company’s flagship Fits.me Virtual Fitting Room solution which delivers fit information and recommendations without the need for photography.

Heikki Haldre, co-founder and chief executive at Fits.me, said: “We are in a market that has started to move very quickly as retailers look to overcome their high street difficulties by focusing on online performance.  It should be clear to everyone that we mean to do very good business by helping online clothing retailers to solve one of their most pressing problems.”

About Fits.me

Fits.me’s virtual fitting room solutions helps boost the revenues and the profitability of online clothing retailers by enabling them to overcome the online fit problem, increasing conversions and reducing garment returns.

The subjective nature of “fit” as it applies to clothing and fashion has inhibited online apparel sales for years – in 2012 the overall proportion of garment sales from online channels was still only 14-15%. 

The essential problem is the inability of shoppers to try on clothes to check the fit before they choose their size, while ‘fit’ is a matter of personal preference rather than mathematics.  According to Mintel, widespread inconsistencies in sizing between different brands and retailers make online clothes shopping a challenge for six in ten shoppers.

Fits.me


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search