Sydney-based clothing technology company Citizen Wolf has launched a crowdfunding program to fund expansion abroad.
Citizen Wolf pioneered a technology that seeks to disrupt a traditional business model by making clothes only when they are ordered – a response to the problem that nearly a third of the clothing created each year goes to landfills, unsold.
Dubbed Magic Fit, the technology creates custom-made clothing using only the customer’s age, weight, and height. According to the company, the system extracts 196 million data points to tailor any type of garment with 94 per cent accuracy.
The clothing-slash-tech company is now seeking funding through a Birchal equity crowdfunding raise, which allows customers receive shares in the company’s earnings.
“We will be opening our company for people to buy shares in it for the first time, with investment options starting from only $250,” said Eric Phu, co-founder of Citizen Wolf. “We want our most loyal customers to be the first people to invest in our company, so they can help us completely disrupt the global textile industry with on-demand fashion.”
The funding will be used to scale product types – shirts, knits, and eventually jeans, to expand to other regions, including the UK, Europe, and the US – and to increase factory output from 2000 units a month to 6000, while reducing production time from seven days down to five.
The B-certified company’s supply chain is also one of the shortest, with 86 per cent of its fabric knitted in Melbourne. It also offers a lifetime free repair service for its customers.
“Citizen Wolf re-engineers the way clothes are made at scale to save our planet,” said Zoltan Csaki, co-founder. “Because the company makes only what it sells, nothing goes to landfills, producing 48 per cent less carbon than the traditional fast-fashion equivalent.”