No loafing around for retailer following funding boost
A Long-Eaton online shoe retailer has expanded after landing a funding deal from Enterprise Loans East Midlands.
Otis Dyke, an e-commerce professional who previously worked for the British fashion designer Paul Smith, formed MyLoafers in August 2017. The on and offline retailer, which specialises in men’s, women’s and children’s loafers, has seen a 30% month-on-month growth since its inception.
Dyke said: “I’ve always been passionate about the fashion industry and e-commerce and noticed a real demand in the market for high-quality, head-turning loafers. I set up MyLoafers to meet this high demand and couldn’t have done it at a better time as the UK footwear market is forecast to grow by 13.7% over the next five years.”
He added: “My aim is to produce fashionable footwear made with organic and recycled material which are so comfy you’ll never want to take them off and affordable enough to buy multiple pairs.
“I approached Enterprise Loans as I was struggling to get funding from traditional banks. The process was really beneficial to me, not only will the funding help me grow my business and add a new product line into my portfolio but the support I received from my advisor was transformative to my business.”
MyLoafers received a loan from Enterprise Loans East Midlands (ELEM) and the funding went towards stock, marketing, events and operations costs.
Victoria Copestake, business development manager at Enterprise Loans, said: “Otis has developed a really fantastic company that aims to become the go-to online loafer outlet. MyLoafers offer head-turning shoes in a variety of colours, styles and prints.
“The success of the company really highlights how Otis utilised his knowledge of the fashion industry to identify this business opportunity. Not only has Otis found a niche market for his company but he also analyses the fashion industry and latest trends to ensure that he always has his finger on the pulse.”