Foot Anstey support Devon-based brand to secure £2.5m investment

National law firm, Foot Anstey LLP, with offices across the South West, has supported Devon-headquartered sustainable female underwear brand, Stripe & Stare, with practical legal advice to secure a £2.5m investment from BGF.

Partner, Ken Lewins, Associate, Kieran Van Bussel and Legal Assistant Eloise May led on legal advice from Foot Anstey to the sustainable fashion brand. This included drafting contracts and working in conjunction with all parties to deliver the desired outcome for Stripe & Stare.

Stripe & Stare's mission has been to create the most comfortable and eco-friendly underwear, lounge and sleepwear in the world, made from beechwood trees, since it was founded in 2017 by Katie Lopes and Nicola Piercy. Over the last three years the business has seen revenue grow by more than 100 per cent. Stripe & Stare knickers are 95% biodegradable and in 2021 it released a world first 100% biodegradable lace underwear collection, which  can be put in compost rather than landfill.

BGF has provided £1.5m of the growth capital to the Devon-based brand with the remaining investment coming from a number of private investors including  Richard Longhurst, co-founder of Bath-based Lovehoney, and Sam Galsworthy of Sipsmith Gin.

The investment will be used to scale the business by increasing employment and production capacity at its Yelverton headquarters to help drive UK and international sales.

When asked about the investment, Nicola Piercy, Co-founder at Stripe & Stare, said: "The last 12 months has exceeded all expectations for the business. In order to move to the next stage of growth it was clear we needed a partner who understood the needs of our company and could provide the support we need to scale. There was clear synergy between Stripe & Stare and the BGF investment team. With a focus on long-term, minority investment and experience of building successful e-commerce businesses, it was clear they were the right partners to take us to the next stage of growth."

Ken Lewins, Partner at Foot Anstey added: "Stripe & Stare has been making waves in the fashion industry with its pioneering way to create underwear. It was fantastic to work closely with Katie and Nicola and understand what they wanted to achieve with this investment and their ambitious growth plans for the brand. We were honoured to have been part of the brand's journey and can’t wait to see what it does over the next few years."

Stripe & Stare is chaired by Robin Howard, the former menswear and childrenswear director of Boden.

BGF:

The investment for BGF was led by Daniel Tapson and Hannah Waters.

Legals: Ashfords – Rory Suggett, Brendan Biggs, Ross Van de Velde

Stripe & Stare:

Aethon Partner – David Schreiter, Stephan Werner

Foot Anstey – Kieran Van Bussel, Ken Lewins, Eloise May