Yorkshire based Loop Cashmere is set for growth after securing a £250,000 investment from Finance Yorkshire’s Growth Fund.
The company specialises in luxury cashmere garments, sourcing its sustainable yarn and products from Inner Mongolia, and will use the funds to open a warehouse in Leeds and redouble its marketing and design efforts as it works towards its ambition to be one of the UK’s largest independent cashmere retailers.
Founder Richard Levin said: “Finance Yorkshire’s investment has come at the perfect time as we reveal our new autumn collection which will be stocked by our first 10 independent boutiques. We plan to increase our customer base by 500% in the next two to three years through our own ecommerce site, wholesale, marketplaces and expanding our presence overseas.”
Fellow founder Claire Heathcote added: “We saw a gap in the market for a sustainable cashmere brand offering contemporary styles made in the softest high-quality cashmere. Sustainability is the heart of brand from the way we source our sustainably accredited yarn, who we select as expert makers to craft our styles, our small production runs and the use of recyclable and compostable packaging.”
Alex McWhirter, chief exec of Finance Yorkshire, said: “Our Growth fund supports ambitious SMEs like Loop Cashmere to grow and create jobs across the Yorkshire and Humber region.
“In just two years Loop Cashmere has developed a strong brand with sustainable credentials which will appeal to fashion-conscious customers. We look forward to supporting them in the next chapter of their growth journey.”
Finance Yorkshire’s Growth fund is part of its newly launched fund which is expected to provide £50m to SMEs over the next five years. Investment is also available from its Seedcorn fund as well as through large and small business loans.
