Troubadour Goods

Idea

Introduction

Troubadour is a London-based brand that designs, creates and sells premium men’s bags and accessories. Our products combine performance design with a clean, modern aesthetic and incredible craftsmanship.

We sell our products directly to customers through our website and via more than 60 of the best stores in the world. Some of these stores are temporarily closed due to COVID, but we expect all to be back open by summer.

Among other well-known names, our retail partners include Harrods, Liberty of London, and Harvey Nichols in the UK, Nordstrom, Bloomingdales, and Mitchells in the US, and Matches Fashion, Farfetch, and East Dane online.

We began selling seven years ago and have had a compound revenue growth rate of 56% between 2013 and 2019.* We are backed by a London-based venture capital firm and have a team made up of talented industry professionals.

We believe we have built a strong foundation of a great team and fantastic products. This provides the basis for continued expansion of our brand awareness and distribution.

*Source: unaudited financial accounts

Intended impact

Troubadour was born out of a desire for a men’s overnight bag that was appropriate for the office, but not so formal as to be out of place in a more casual setting. Performance is at the heart of our design process, with the team thoughtfully tailoring each piece to meet the lifestyle needs of the Troubadour shopper.

Before creating Troubadour, we spent 18 months getting to know the top designers, tanneries, and artisans in Europe and around the world, and many of those relationships continue today. We spend significant time with our clients and retail partners to make sure we develop a complete, in-depth understanding of the functional requirements of every piece we create.

At the centre of everything that Troubadour does is the concept that modern design should emerge from a thoughtful idea, innovative production techniques and quality materials, combined with interesting, straightforward and uncomplicated aesthetics.

Substantial accomplishments to date

Troubadour is proud to work with over 60 of the world’s best stores and brands. We also work with non-traditional retailers including Four Seasons, Ritz Carlton, and Equinox.

In 2017, Troubadour was named a Walpole Brand of Tomorrow by the prestigious British luxury organisation. Brands of Tomorrow are selected for a 12-month programme based on the expectation that they “will pioneer growth, export goods and services, create employment and drive innovation in luxury in the coming decades.”

Troubadour has done collaborations with a number of world renown brands. These collaborations include cutting edge British tailors Thom Sweeney and British essentials brand Sunspel that is famous for clothing James Bond.

Troubadour has been a case study for classes at the Harvard Business School.

We believe our greatest accomplishment to date is our extremely committed customer base and well respected brand name. We have built a following that includes a strong core of Troubadour collectors who have made multiple purchases and follow the brand closely.

Monetisation strategy

Troubadour has two main sales channels: direct retail (through our online store and pop-ups) and wholesale.

Our direct retail sales business generated 42% of our revenue in 2019. Direct sales are grown through press coverage, social media, and advertising as well as our loyal base of returning customers.

Wholesale sales were responsible for 58% of our revenue in 2019. These sales are made to our retail partners who then sell our products on to their customers. We are very selective in which wholesale accounts we work with, and only sell to stores that have the highest levels of customer service and satisfaction.

In 2019, our direct retail sales grew 54% and our wholesale sales grew by 63%. We plan to continue growing both channels meaningfully in the years ahead and believe that there is ample opportunity in the market to do so.

Use of proceeds

We are backed by Pembroke VCT, a luxury-focused venture capital firm based in London. They are a fantastic partner for us. We are also backed by a handful of experienced angel investors who provide valuable advice and introductions.

Approximately half of the funds raised in the current round will be used to support sales growth to our customers and retail partners. The other half will be used to fund working capital requirements from our forecast growth plan. This working capital is primarily allocated to additional inventory and expected accounts receivables growth, as many of our retail partners receive payment terms.

Reward: As a token of appreciation to our investors, if you invest £250 or more you will receive 20% off all future Troubadour purchases you make for the life of your investment.