Business news: HUUB starts crowdfunding effort as cycling apparel and women’s wetsuit sales soar
Brownlee brothers first to invest in crowdfunding campaignPhoto by: Kevin Mackinnon
Dean Jackson founded HUUB Design in 2011 when he designed a wetsuit on his kitchen table. Within a short time, thanks to a £25,000 ($43,150) investment from 12 investors, HUUB was on its way. It wasn’t long before Jackson had £200,000 ($345,000) in orders and Olympians Alistair and Jonathan Brownlee wearing his suit.
In less than a decade the company has become a major player in the UK’s £60 million ($104 million) apparel and accessories market. Between 2015 and 2019 the company saw average sales growth of 32 per cent year-on-year. This year, despite the COVID-19 pandemic, HUUB has seen a 681 per cent increase in cycling apparel sales and women’s wetsuit sales are up 68 per cent.
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Now the company is looking to expand its reach, especially in the cycling category and to the “increasing number of women taking up endurance sports.” The company also looks to expand its “presence in international markets” including the US and Germany.
To do all that, HUUB has launched “Crowdcube crowdfunding campaign” in hopes of raising a minimum of £250,000 ($432,000). The Brownlee brothers were the first to contribute to the campaign.
“Our Crowdcube crowdfunding campaign is designed to help accelerate the growth we are experiencing on so many fronts and, I believe, offers a really exciting opportunity for those in the endurance sport community and beyond to invest in a brand that is on a steep upwards trajectory,” says Jackson. “And with both the Brownlee brothers already onboard, investors know they will be in the good company of two of Britain’s most successful Olympic athletes. Alistair also happens to have a master’s degree in Financial Economics, so he knows his way around a P&L statement and a good investment opportunity when he sees one!”
You can find out more about the campaign here.