Charlotte Morley entered the Den last week seeking a £70,000 investment for a 7.5 percent equity stake in her business thelittleloop. Ms Morley founded thelittleloop, which is the UK’s first shared wardrobe for kids.
As a mum of two, Ms Morley believed there is a “huge problem” with children’s clothing as with each season change, parents have to replace clothing because their children grow so quickly.
“It costs a fortune,” she said, adding that people are left with piles of barely worn clothes.
She said of her business idea: “Parents can choose from the best ethical and sustainable brands, keep the clothing for as long as you need them and swap them at any time.
“It will save around two thirds of buying new on average and you’ll have none of the hassle of sorting, storing and selling clothes when you’re done.”
The subscription costs £18 a month in exchange for £165 worth of clothing.
She explained that most consumers swap clothes every three months so they can get around £600 worth of clothes for £200. Each year, parents can save up to £440.
The brands will take a 44 percent revenue and the company will take around 56 percent.
Sara Davies was thrilled with the idea and said: “If this had existed when I had my kids, I would have absolutely been right there.”
He offered her all of the money for 15 percent.
She revealed that she came into the Den hoping for Deborah’s support, but also for Stephen because of his experience in growth.
Thrilled with all the support, she asked if Deborah and Stephen could both invest £70,000 each for 12.5 percent equity in the business – a request that has never been made before in the Den.
This way she would be getting £140,000 investment for 25 percent all together.
Both Dragons accepted Charlotte’s offer making it the first time in Den history a pitcher has secured double their ask.
“Thank you very much,” she said as she burst into tears. She was delighted to be working with the Dragons.
Dragons’ Den is available to watch on BBC iPlayer.