Vulpine Clothing

Well.

1. They went through the original VC investment - fine, that's what it's there for.
   
2. Didn't turn a profit - not unusual, early days for a business.
   
3. Went to Crowdcube, used astonishing goodwill of investors to raise £1m.
   
4. A year later, still no profit, company goes to Crowdcube again looking to raise another £1m.
   
   

It's interesting seeing the books on the investor doc, and noting that the reason they need the investment is so they can simply get more stock in.
I'm most confused over the need for new stock vs their semi-permanent fire sale/discounting strategy. If they're running out of stock, it can only be after their 'sample' sales and flash 50% discount sales - they wouldn't be discounting if their stock was selling at full price.
They position themselves as a premium brand, but very clearly they don't shift much at full price.
They reckon that they can very quickly go from a loss making business, to a huge profit making one, in 2 financial years - just by increasing stock levels. But that's kind of fantasy island stuff, because why would you buy anything at full price if you know it's going to be put in a sale a few weeks down the line?
So essentially, none of the investor document stands up to that much scrutiny.

I feel Vulpine have made a rod for their own back in some ways - they put so much of the behind the scenes stuff up online, and also the Crowdcube thing demands that they put their books and strategy up.

I absolutely know this post will raise the hackles of Nick if he happens to drop past here again, but assuming anyone who follows Vulpine is a potential investor, I'd say these are valid concerns and questions.