Kick Game gets further £3.5m funding from backers
Luxury sneaker and apparel retailer Kick Game has secured an extra £3.5 million in financing from VGC Partners.
The capital injection will go towards the London-based brand’s target to secure revenues of £50 million by 2022. This will be achieved via both online and retail expansion with additional stores planned for the UK and abroad over next the two years, reported The IndustryFashion.
The retailer also plans to launch a consignment platform to allow customers to resell authenticated, in-demand sneakers.
Since VGC Partners’ initial £2.5 million investment in May 2020, the retailer has enjoyed major growth with revenues jumping from £4.8 million in fiscal 2020 to a projected £20 million in the 12 months to 30 November.
Kick Game has grown to two London stores in Mayfair’s Burlington Arcade and Covent Garden and also in Birmingham’s Bullring shopping centre.
After pressing the ‘hold’ button on its European operations in January, due to the impact of import duty on its customers, Kick Game has now opened a warehouse in the Netherlands to allow further expansion across Europe. This will particularly target Scandinavia which is its biggest market outside of the UK.
Founded by brothers Rob and David Franks in 2013, it sells exclusive, rare and sold-out sneakers and streetwear from brands such as Air Jordan, Nike, Yeezy, Off-White, Trapstar, Fear of God Essentials and Supreme.
COO Robert Franks said its market is one of the fastest-growing unregulated markets in the world “and we intend to match its pace. Since VGC’s initial investment we’ve demonstrated our commitment to and belief in the UK high street, by opening three new experiential stores. We’ve also significantly grown our team and have expanded our warehousing capabilities overseas – and this is just the beginning”.
Parminder Basran, managing partner at VGC Partners and non-executive director at Kick Game, added: “It is clear to see the luxury resale market is dominating and continues to attract more interest from consumers and investors alike, with the sneaker resale market predicted to reach $30bn by 2030.
“Rob and David have created a strong model both in the UK and internationally that they continually evolve in line with what their customers want to see”.
Copyright © 2023 FashionNetwork.com All rights reserved.