FSP advises founder of Playful Promises on investment by Bestport Private Equity
The corporate team at FSP led by head of private equity, Penelope Garden have advised Emma Parker, founder of London based lingerie and swimwear business, Playful Promises, on an investment from Bestport Private Equity to finance its fast-growing brands and e-commerce business.
The move comes after the website, which has locally serviced sites in UK, USA and Australia, has been experiencing rapid year on year growth. This year Playful Promises are expecting to report 70 per cent growth across the whole of their e-commerce network. The business has recently added their own manufacturing capability enabling better control over its supply chain which has seen the homegrown business flourish in recent years. The company prides itself on its inclusive, high-quality, design-led products.
Founded by Emma Parker in 2005, Playful Promises owns and manages a collection of lingerie and swimwear brands. The brands are known for offering playful lingerie and swimwear at an affordable price point with particular expertise in the plus size market. The company sells product on other leading platforms including ASOS and Zalando as well as holding popular licensing deals with numerous celebrities and brands including Gabi Fresh, Felicity Hayward, Bettie Page and Hustler Hollywood.
Parker will be staying on as Managing Director and is growing her current team to bring in additional operational expertise to manage the growth. Experienced retailer Will Hobhouse, previously Chairman of Heals, Jack Wills and Sunspel amongst many others, with a successful record of building profitable businesses, is coming on board as Chairman.
Emma Parker, Founder of Playful Promises, said: ‘We have already begun to implement a multitude of measures to help strengthen our e-commerce offering and this is an exciting step in the development of the business. The funding and expertise provided by Bestport and Will as Chairman, will help accelerate the growth of the business and broaden the awareness of the brands. Their experience in growing small businesses will help bolster both our team and the brand, in what we hope will be a period of exponential growth.’
James Stoddart, Managing Partner of Bestport, says: ‘We are excited to work with Emma and Will to support the future growth of the brands and e-commerce business. We believe there is a tremendous opportunity for inclusive brands to thrive in the current marketplace.’
Emma added ‘Penelope’s expertise was invaluable for getting the deal done on fair terms, as it was our first time completing such a transaction her input was invaluable. Her team provided expertise across a range of legal areas against a tight timeline which we appreciated.’
Penelope was assisted by Katie Burley (Senior Associate, Employment).
