Kids’ clothing marketplace targeting ‘down under’ following £150k investment
A six-figure investment in Manchester-based pre-loved children’s clothing marketplace, Cress, will fund further growth, including expansion plans ‘down under’.
Cress is a new online marketplace dedicated to buying and selling pre-loved clothing for children.
Just three months since launch, Cress is expanding to create more opportunities for customers to buy and sell pre-loved items, with new categories being launched for accessories and premium brand clothing.
The growth will be driven by a £150,000 investment by private investor, Damian Dugdale, the director of Garmentec Group and who has known Cress co-founder, Carl Morris, for 20 years.
The investment will also enable Cress to partner with sustainable clothing brands and introduce ‘Sustainable New’ options to purchase. By the end of the year, the business is predicting a growth trajectory of four times its current value to bring its total to around £2.5m.
With the UK marketplace thriving, Cress is also turning its attention to international territories and is set to launch Cress Australia and New Zealand in Autumn 2023.
This will include the platform’s unique ‘Golden Service’ subscription, which removes the hassle of selling by providing a postal bag for parents to fill and return. The service has proven popular, with 17 bag requests being made within just one day.
To continue its growth, Cress is now looking to enhance its position as a community-created platform with a crowdfunding campaign and a Facebook group.
The group will focus on connecting parents with each other and free educational events happening across the UK.
Carl Morris said: “As a start-up, securing investors who believe in the vision you have for your company is vital in order to make it a reality.
“At Cress we aim to create a community for like-minded parents to think and shop more sustainably and create a better future for our children.
“The investment we’ve received has already increased the company’s value by 57% and has played a key role in completing our expansion into Australia and New Zealand.”
He added: “Being able to build upon our strong community and customer base is a core objective for Cress and it’s amazing that less than a year after our UK platform went live, we will bring our sustainable and community values to a global market.
“We hope it will enable more people to think more sustainably when buying clothes. With numerous plans in place to grow our offering in our first year, we’re looking forward to the months ahead.”