The maker of the white dressing gown worn by Prince George when he met President Barack Obama last year has raised £5m of investment cash for expansion.
My 1st Years, a six-year-old venture run by friends Daniel Price and Jonny Sitton, sells personalised clothing and gifts for newborns and toddlers. It has rustled up the funds from venture capital firm Beringea, which has backed the likes of jewellery maker Monica Vinader. Cash has also come from fund manager Hargreave Hale and will be used to expand in America.
“We want to take this international but not forget that we have a long way to go in the UK,” said Price, 29, adding that the company is expected to produce revenues of £10m this year. It has 55 staff at its base in Stanmore, northwest London, and sells via John Lewis, Selfridges and Harrods as well as its own website.
Last year, sales soared after George was photographed in a My 1st Years dressing gown when meeting Obama before bedtime at Kensington Palace. “We always had a lot of faith in the potential of the company, but we’ve really seen that come to life in the past year or so,” Price added. “We want to be the No 1 destination for children’s gifts.”