Mon Purse prepares for next international step
Custom leather goods retailer Mon Purse is preparing to expand its global presence in 2018 and will look to another round of capital raising to continue scaling the business beyond Australia’s borders.
After successful launches in the US and UK last year, the near four-year-old business is preparing to take its next step, with founder Lana Hopkins and her leadership team preparing to finalise a new corporate strategy that she said will shift the business from its start-up phase.
“We’re at a really interesting junction with our business now, as we sort of grow up and go from start-up to a scale-up,” Hopkins told Internet Retailing.
Hopkins declined to go into specifics around Mon Purse’s strategy, as it has yet to be taken to market, but IR understands that a move into Asia is likely, with Japan emerging as a leading candidate.
Hopkins will travel to Tokyo for a conference in late February, but the company has said no decisions have been made on which market it will expand into next.
Additional investment in technology and a possible expansion of Mon Purse’s product range would also be on the cards should it be successful in securing additional funding.
“[The plan] will include additional international expansion, strong investment in technology, as well as brand and products,” Hopkins explained.
It would be the third round of private equity injected into the business since it began in 2014, adding to around $700,000 in initial seed funding and $3.1 million in series A funding secured from investors like Catch’s Leibovitz brothers in 2016.
According to Hopkins, business is booming and after a successful holiday period which saw the business fulfilling orders right up until close of business on Christmas eve, there is further optimism that the personalisation wave will continue.
“Personalisation is at its absolute peak…with the aid of technology bringing in scalability at a mass level, it’s growing faster than ever,” Hopkins said.
“It’s an exciting time to be doing business and disruptive businesses are seeing a lot of growth – it’s about doing things differently and we’re feeling really optimistic about the market.”
This article has been updated to clarify that Mon Purse has yet to make any final decision on its next international expansion target.