Despite the COVID-19 pandemic putting much of the denim industry on pause, Outland Denim continues to make big strides in progress.
The ethical denim brand announced it raised 1.32 million Australian dollars (approximately $867,919) through the equity crowdfunding campaign it launched in March. The campaign, which ran on Australian crowdfunding platform Birchall, garnered 1,012 global investors, becoming the platform’s fastest equity crowd raise.
Of the new investors, the majority are local to the Australian brand, aged 40 or younger and female —63 percent are women, and 42 percent live in Queensland. And 80 percent of investors contributed $1,000 or less.
“We are so humbled by the support this campaign has received amidst the personal and professional challenges we are all facing due to COVID-19,” said founder and CEO James Bartle. “I cannot thank everyone enough, who has backed this brand and become a part of the Outland Denim family.”
In March, the brand launched an equity crowdfunding campaign to provide consumers—not just private investors—with the opportunity to own shares in the company.
Funds will help fuel the brand’s sales and marketing efforts and position it to become a third-party production entity under the name Maeka. Global fashion label Karen Walker is the first to partner with Maeka on production.
The campaign’s success during a global pandemic could be a sign that consumers are doubling down on their demand for ethics and sustainability from clothing brands—a shift many experts feel will take shape as a result of the pandemic.