Lingerie brand Bluebella has raised more than £1 million through crowdfunding – double its original target.
The cash will be used to fund a major expansion in the US where the multi-award-winning Chiswick-based label plans to sell 10,000 bras a month.
Bluebella hit its £500,000 target nine days early on the equity crowdfunding site Crowdcube and additional investment took the final total to £1,088,700.
Chief executive Emily Bendell said: “We are thrilled to have doubled our target and the extra investment will allow us to push forward with exciting plans for the US and other foreign territories.
“Of course there is uncertainty around the Donald Trump presidency, but he is pro-business and decreased taxes should boost consumer spending – and there has never been a better time for an empowered and forward-thinking brand like Bluebella to hit the US.
“The fantastic response to our crowdfunding shows that there is a real-optimism in the UK, too, as we move forward from Brexit,” Bendell continued.
“After all the uncertainty of 2016, there is a lot of optimism that 2017 could be great year for fashion and it is great to see investors reflecting that positivism by backing Bluebella.”
Bluebella, which signed Queen drummer Roger Taylor’s model daughter Tigerlily Taylor (pictured) as the face of the brand, recently secured deals from US firms Nordstrom and Bare Necessities to stock the firm’s goods and will ramp up advertising in New York and California next year.
The brand is on track for sales to hit £1.7 million this year, and £4.7 million next year, helped by the US expansion.
Bendell added: “I am convinced American consumer appetite will be strong for our products and, with Brexit, it is important that companies diversify so they are not solely stocked in the UK.”
Bluebella has been billed as the lingerie brand for the ‘Instagram generation’ and is stocked by Asos, House of Fraser and Urban Outfitters.
The global lingerie market is forecast to grow by 17% per year to $40 billion in 2020.