Attracting high-calibre investors is a key sign of a potentially strong business idea, so the founders of Mimmo Studios must be pretty pleased with the result of its just-closed crowd funding campaign.

The pioneering fashion/homewares/art retailer said new investors include industry leaders such as Grace Beverley, founder of activewear brand Tala, fitness app brand Shreddy, personal planning system and The Productivity Method; Victoria Prew, founder of the tech-first fashion rental platform Hurr; and Lydia Pang, founder of creative strategy studio Morning Studio Ltd. 

They’re all investing in Mimmo Studio’s already-announced first branded knitwear collection launch, which it describes as “a sustainable, design-led alternative to mass-market fashion”.

After closing its Cheltenham flagship and shifting to an online-only model, the retailer is now focused on creating its own sustainable product range. So the £7,000+ funding total will support the design, sampling, production, and marketing of the new knitwear line, which will be made in the UK “with a focus on ethical production and innovative materials”.

Lil Gardiner, Mimmo co-founder & creative director, said: ”With support from key investors and our incredible community, we’re taking the next step in bringing this vision to life. It’s amazing to have the backing of some of our favourite female founders.”

Fellow co-founder & Head of Sustainability & Innovation, Katie Brown, added: “We’ve always believed retail can be done differently—focusing on sustainability, craftsmanship, and community rather than overproduction. Through the crowdfunder, we’ve had some incredible conversations, and the support from everyone has been amazing.”

April 6 sees the UK Competition and Markets Authority (CMA) granted major new powers under the Digital Markets, Competition and Consumers (DMCC) Act. 

It means companies breaching consumer law could see direct and severe penalties imposed on them and campaigners have hailed it as a big moment in the fight against greenwashing specifically.

But the act also covers issues such as fake reviews, drip pricing (where the final price paid after add-ons isn’t the price advertised), and subscription contracts that are difficult to get out of.

The CMA has been targeting greenwashing claims in particular for several years and with brands and retailers knowing that a greener profile has a positive impact on consumer perceptions, the temptation to exaggerate claims is strong.

Under the act, claims need to substantiated. And misleading consumers through such methods as missing out important information, making excessively vague claims or using deceptive imagery could mean fines of up to 10% of global annual turnover. Whether the regulator will ever impose such fines remains open to question, however.

The new act builds on the existing Green Claims Code, which has already seen the CMA investigating company such as ASOS, Asda and Boohoo and getting them to make changes to their claims. The legislation means the CMA should be able to act faster.

Campaign group Changing Markets Foundation has said that 60% of sustainability-linked claims in fashion have been found to be misleading or unsubstantiated.

Theo Paphitis, owner of lingerie retailer Boux Avenue, has filed the business’s accounts for the year to the end of March 2024 and they show turnover and gross profit falling but the operating loss narrowing. And it promised an improvement in the current year.

The company said that turnover decreased to £59.9 million from £62.6 million in the latest year while gross profit was down to £29.7 million from £30.9 million. But the operating loss was a smaller £6.6 million compared to a negative £8.8 million in the previous year. EBITDA also improved to a £5.8 million loss compared to an £8.2 million deficit the year before.

In a statement in the accounts, Paphitis said the brand made further progress during the year particularly in connection with the growth in its latest sales channel – that is the partnerships business.

It has continued to develop its partnership business with the usual suspects such as Next, M&S, ASOS and Very stocking the label. It didn’t give specific figures but said the partnerships grew “significantly” last year and have continued to strengthen further into the current year. It expects this trend to continue and is looking to extend his part of its business still more.

In the year in question, just as other retailers did, it faced external challenges that had an impact on trade, so it was “positive to see an improvement in EBITDA year one year. Progress in the current financial year will see a major step forward in the financial performance of the business”.

The company has a strong store network of 26 locations in prime shopping destinations across the UK and it’s looking to extend its portfolio in carefully targeted areas.

Last year also saw more automation and improvements in its distribution centre with greater capacity and more efficiency as well as “notable” cost savings. In fact, the company said its efficiency improved by 75% year on year during peak trading at the end of 2023 and it has seen a reduction in operating costs of around £1.5 million as a result. Efficiency gains have also continued into the current year.

Additionally, improvements in its product offering and marketing have resulted in it selling more products at full price. Combined with improved sourcing and strong supplier relationships, this has boosted its margins more recently.