In what could be considered a historic moment for the UK’s Dragon’s Den, a kidswear subscription service, The Little Loop, secured an impressive investment from two of the ‘Dragons’ on the show.
In the episode, mum of two, Charlotte Morley, pitched her idea for The Little Loop to the notoriously hard-hitting ‘Dragons’ asking initially for 70,000 pounds in exchange for 7.5 percent of the business.
The concept aims to provide a sustainable alternative to fast fashion in the children’s clothing market. The service for swapping and sharing the used garments includes an 18 pounds monthly subscription fee that allows customers to hire a certain amount of items for an unlimited timeframe.
In the pitch, Morley stated the idea came from her personal experience with children’s clothing, noting that their wardrobes require significant change throughout seasons and ages, causing substantial waste.
With the possibility of multimillion-pound projections in a mostly untapped market, Morley received four investment offers from Sara Davies, Touker Suleyman, Steven Bartlett and Deborah Meaden.
In a first for the BBC show, Meaden and Bartlett agreed to both invest in the company, doubling the offer to 140,000 pounds, with each taking a 12.5 percent stake in the company.
The deal could be proof of the potential growth in the rental market, as well as displaying the demand for rental in categories beyond womenswear, which the market mostly leans towards at the moment.
Following the episode, businessman Bartlett said in a post on Twitter: “I have to say The Little Loop is a special business. One of the most impressive I’ve seen in the Den and operated by an entrepreneur in Charlotte that has a formidable track record.”