In a bid to secure 250,000 pounds, or $323,000, to develop a wholesale business and open a second store, cofounders Chris Gove and Luke Stenzhorn are launching the label on the crowdfunding platform, Crowdcube.
The venture kicked off with a launch party and screening this week in Soho, which Chung attended.
Percival, which counts Stephen Fry and Benedict Cumberbatch among its customers, started small some five years ago with just one waxed jacket, setting up shop in Soho’s Berwick Street via a series of pop-ups. “We want to make the collections twice the size and spread our wings,” said Stenzhorn, “but we got to the point where it had become quite challenging to grow the business.”
The 250,000 figure, he said, equates to about 26 percent of company equity. The minimum investment is 10 pounds, or $13, while higher figures come with benefits. Investments upward of 3,000 pounds, or $3,890, come with a custom-made jacket with names embroidered by Royal Warrant holders, Hand & Lock.
Those who invest 5,000 pounds, or $6,490, can work with the creative team designing their own garment. “If you put in over a certain level [10,000 pounds, or $12,980], you also get to have an opinion on the direction of the brand,” Stenzhorn added. “You get to attend board meetings and have an input on decisions.”
The label now has 30 days to reach the total. Crowdcube gets a one-off fee amounting to around seven percent of the investment.
“Henry Holland and the guys from Orlebar Brown have used a crowdfunding model in the past so we went to them for advice,” added Gove, noting that traditional investors wanted more equity than they were prepared to give away.
Gove was at college with Chung, whom he has known for some 15 years. “In art class when we were about 17, I remember her wearing a retro Astro Boy Japanese animé T-shirt,” he recalls. “She was even cool back then.”
Outtakes from the film footage will feature on the label’s social media channels throughout the 30-day period. “We’ve no idea whether we’re going to raise the figure or not so we’re leaving nothing to chance and using every means available to get the message out,” Gove said.