Ingrid Starnes are offering a chance to buy shares in their business, designer and director Ingrid Starnes sits centre front and director Simon Pound sits second from right. Image supplied.
It’s certainly a uniquely challenging time to be in business and some local businesses are adapting and innovating to secure their future like Ingrid Starnes, who have launched an equity campaign via PledgeMe this week. The brand have built a loyal following over the past decade and so they have gone to their community and anyone else interested with a chance to become shareholders in their business. This model of fundraising has proven to be a popular and successful one for many different businesses and Ingrid Starnes are offering up to 19.84% of their company in this equity raise.
“We recently went out to our community to ask if they might be interested in becoming shareholders in the company,” say company directors Ingrid Starnes and Simon Pound. “The response was amazing, and so heartening, with many saying they wanted to continue to see local design, creativity and production survive, thrive and grow. We’re just a small part of this but are proud to be part of a movement to try to value things past the mass-produced, short-term or disposable.”
“This is a bit of a different equity crowdfund than usual. We are not offering a story of immediate growth – this next year is going to be determined by many Covid-19 related factors. Instead we are telling an open story of a company that’s grown over ten years by making things here, with the support of its customers and suppliers and the local industry around it, and that has plans to continue that growth into the future. Plans that could be delivered with our crowd, but that otherwise are under pressure from the changed near-term retail environment.”
Earlier this year the brand celebrated a decade in business and introduced their new offering making only 100 pieces of each garment style with every piece numbered to emphasise it’s limited edition quantity. They also wanted to shine a light on the artist edition values, design decisions and process of meaningful production that goes into the clothing. Their business is based on strong ethical values and all production is done here in New Zealand.
Ingrid Starnes were meant to open a store in the new Commercial Bay retail development which was due to open in late March but is now delayed until retail stores are able to open again in New Zealand. The high foot traffic and visbility of the premium store was a perfect next step for the brand and while the location will no doubt offer the return they’re after in future it’s going to go a bit differently to how they had planned due to the current situation. However, the brand are confident that they have the right approach to fashion and support that will see them flourish again when retail returns to normal.
“When we look around we see many more people talking about the things our community cares about. A local and caring commerce long emerging may be coming into its moment. So while the retail environment might take time to recover to those initial projections, we’re confident it will come back, and that the meaningful alternative to overproduction we offer will become more vital.”
“Our story is one of future growth, like all investments. We want to continue to make here, continue the journey we feel we’re just starting, and to invest in the things that mean we can come out of this time stronger together.”
Campaign image from Ingrid Starnes’ Autumn 2020 collection.
Image supplied.