VULPINE’S MISSION STATEMENT
To create the world’s leading cycle clothing brand dedicated to quality, stylish apparel for use both on and off the bike.
To see the world embrace every kind of cycling as beneficial to health, happiness and the environment.
We are a style brand, adapting proven classics rather than trying to offer the fashion items of the season. Vulpine is about attention to detail, quality and innovation. Everything we do comes from an intense focus on and passion for cycling. We aim to grow principally via our website but also through partnerships with key retailers.
Over time the potential is for Vulpine to become a major international lifestyle brand, just as The North Face did for mountaineering, LuLuLemon for yoga, and Billabong/Rip Curl for surfing, but everything we make should always work superbly for cycling.
Vulpine was started in 2012 by Nick Hussey, a passionate cyclist with a background in film & design, who spotted an opportunity to offer a product that was high quality & functional both on and off the bike – ‘Ride & Destination’ clothing.
Nick was sick of riding to work in either full racing kit, or his ordinary clothes. At the end of each commute he was pouring with sweat, smelly and paranoid, hulking a change of clothing on his back each day. SURELY it was possible to combine technical fabrics, cut and techniques with classic off-bike style, so that you could proudly wear the same clothes all day?
The brands’ signature product is the Harrington Rain Jacket, which is also its biggest seller. It strikes right at the heart of everything Vulpine stands for: Style, Quality, Attention to Detail, Innovation & Function.
Vulpine’s gross turnover has more than doubled each year so far:
- £199K in 2012-2013
- £416K in 2013-2014
- £996K in 2014-2015
Three years since launch, Vulpine are considered a brand leader in this new and exciting market.
“The Range Rover of Cycling”
Chris Evans on Radio 2 *skip to 1:47:00
“Cycling’s latest blue chip brand”
“Well thought out and beautifully made”
Though financial year to date ~70% of our revenue is from vulpine.cc, we are in 88 retail locations, mostly in the UK. We are about to embark on international sales.
In addition to the Vulpine brand we have entered into a joint venture with Sir Chris Hoy, Britain’s greatest Olympic athlete, to create HOY Vulpine. Sir Chris approached Nick and Vulpine, citing a similarity of inclusive ethos and dedication to quality. HOY Vulpine addresses the ‘performance’ end of the market, but with greater concentration on comfort and style.
HOY Vulpine sales this year are already £350k since launch in February 2015.
EQUITY FUNDING TO DATE:
£1.1m total equity funding to date has been used to develop product ranges, build the brands, build the initial and most recent mobile optimised and scalable website and fund stock purchases for Autumn Winter 2015/16.
USE OF FUNDS
Working capital represents our biggest challenge. We are looking to raise £500,000 in return for 9.09% of the equity of Vulpine.
This will be used for the following purposes:
1. HOY Vulpine expansion: Launched in February 2015, its success has created the need for a broader product range (see next slide).
2. Supply chain flexibility: Long lead times overseas mean that greater flexibility is required, and can be achieved via British manufacturers. The much requested by customers “Made in Britain” range will launch next year. These are highly desirable products for the markets we are targeting. This requires upfront investment.
3. International expansion: Through brand-building and careful marketing with high-end partners, we are looking to enter the North American and Asian markets.