eBay trader secures European funding
A Wirral-based online fashion retailer backed by former rugby union player Austin Healey has received a £525,000 investment from the North West Fund for Venture Capital, managed by Enterprise Ventures.
LabelSneak started life last year as a pilot project selling 2,500 polo shirts on eBay, which sold out in three hours. It now has over 50,000 registered members and recently moved into an 8,000 sq ft warehouse in Bromborough. The business was founded by Healey's school friend Ade Shannon. LabelSneak works with fashion brands to buy excess stock which is then sold online to a target market of men aged between 18 and 36 at up to 80% discount.
Shannon, who has an IT background, said: "While there are some very successful designer outlet sites, LabelSneak is different in targeting brand-aware men. We are continuing to expand the variety of products we offer by negotiating arrangements with different brand owners. Our ultimate aim is to become the preferred clearance partner for the world's leading menswear brands."
The £170m North West Fund is financed by the European Regional Development Fund and the European Investment Bank.