Pants & Socks aims to raise 200,000 pounds through crowdfunding

UK men’s underwear retailer Pants & Socks is looking to raise 200,000 pounds through a newly-launched crowdfunding campaign.

The company, which targets older millennials in the 29-38 age bracket, has so far raised 138,333 pounds from 76 investors - or 69 percent of its target.

Pants & Socks allows customers to either make one-off purchases from its stocked brands or sign up for a subscription service for a regular delivery of new underwear, either monthly, quarterly or every six months.

According to the company, 30 percent of 16-34-year-old males want a better range of available brands, and 19 percent want more frequently updated ranges.

The business said it will use the fresh capital to help roll out its own brand in the fourth quarter of 2021 and to help the company expand beyond the UK, which it aims to begin doing by 2024.

Pants & Socks currently sells 16 brands and has over 1,500 product types. The company said it plans to double its number of brand partnerships by the end of Q2 2022.

It said it aims to become “a specialist store offering the widest and deepest selection of leading brands for the sector”.