PLANKS CLOTHING LTD
Planks Clothing are back, following their last successful raise with Crowd2Fund. Founded by pro-skiers, the brand is based on experience and community, with a passion for the outdoors and the planet, ethically producing technical ski clothing and streetwear. With strong year-on-year growth, contracts with leading stockists and a new, highly experienced Managing Director, they are raising funds to manufacture stock to support their 2020 expansion plans.
Drop Cliffs Not Bombs!
We have a multi-channel approach, with sales through our own eCommerce site growing 69% in 2 years and our B2B wholesale channel has grown 88% in the last 12 months, with leading stockists including ASOS, Snow&Rock and Ellis Brigham. Planks also has 4 unique retail spaces and an accompanying cafe in some of Europe’s top ski resorts including Val d'lsere, Meribel, Tignes and Morzine.
A core aspect of Planks’ identity is our love of the planet. Our design and production team are constantly striving to improve our production techniques to lessen our environmental impact. We currently use Blue-sign approved fabrics and incorporate Repreve recycled yarns into 68% of our collection, recycling over 1 million bottles so far.
We recently on-boarded Derek Bowen as the Managing Director, who is a former national ski coach with extensive experience in the same role at AMG Outdoor and Millennial Brands International. He has a proven, successful track record in leadership, strategic sales operations and brand building. With his leadership, we intend to expand our multi-channel approach, creating strong, supportive and cohesive communities in each resort. Our vision sees Planks as much more than a skiwear company, transforming skiwear’s image, the skier experience and the broader community in a way which Rapha has had on cycling over the last 15 years. To support this growth, we are raising funds to manufacture more stock in preparation for the next ski season in Europe.
Where will the funds go?
The Buckle Up
The First Lift
The Powder Hound
The Fresh Tracks
The Snorkel Deep
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A. Hi Alan, thanks for your question. Overheads as a % of revenue has declined each year - from 72% in 2017 to 58% in 2020. This trend will continue going forward as the business continues to benefit from operational gearing. Moreover we have invested in products, operations and systems ahead of the curve. The plan going forward is to invest increasingly in commercial staff to drive revenues as the payroll balance becomes weighted towards sales over operations.
A. Hi Constantine, thanks for the question, yes as we have with the last 2 rounds of loan with Crowd2Fund, we have forecast to pay this back early because Crowd2fund calculate the repayment time-frame based on previous year's turn over. However, with our forecast of maintaining our 40% growth, this will enable us to re-pay back the loan in approximately 18 months.
A. Dear Constantine, many thanks for the question - I'm limited to 500 characters here, so have been advised by Russell in the C2F team to create a google doc to give the answer, if you have any further questions or would like to arrange a call, please don’t hesitate to drop me an email to Hugh@planksclothing.com and/or we can arrange a call. Many thanks.
A. Planks Clothing France SARL is a fully owned subsidiary to Planks Clothing Ltd which handles our Mono-Brand retail stores in the French Alps. Nothing is currently owed to Planks Clothing France.
A. Hi Adrian, thanks for the question. We have successfully completed successive rounds since our 1st equity raise in 2016. In 2019 we raised a further £570k equity financing losses through to break even and we have investor consent to raise a further £430k if we choose to. Shareholders include a number of High Net Worth investors and Business Angel Investors and we have also recently completed our 1st Equity Crowdcube round which acts as Nominee for over 200 equity investors.
A. Dear Alan, many thanks for the question - I'm limited to 500 characters here, so have been advised by Russell in the C2F team to create a google doc to give the answer, if you have any further questions or would like to arrange a call, please don’t hesitate to drop me an email to Hugh@planksclothing.com and/or we can arrange a call. Many thanks.
A. Hi Clare, Thanks for the question. Women occupy key roles at Planks HQ including head of operations, marketing manager, wholesale coordinator, and one of our designers is also a women. In France, all of our Planks mono-brand store managers are women. One of our Non Executive Directors is also a women. We also have a a number of female athletes and ambassadors who we support and a full outerwear and lifestyle product collection for women.
A. Dear Zen, many thanks for the question - I'm limited to 500 characters here, so have been advised by Russell in the C2F team to create a google doc to give the answer, if you have any further questions or would like to arrange a call, please don’t hesitate to drop me an email to Hugh@planksclothing.com and/or we can arrange a call. Many thanks.
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