A high-end streetwear brand has opened its first store on Connaught Street in central London after more than doubling customer numbers over the last year.
Magnitudo has used a five-figure funding package from NatWest to purchase the lease for the Marble Arch store and recruit three full-time staff.
The finance will also support the launch of an exclusive new collection that will be released in August and will be available to buy alongside Magnitudo’s original streetwear range.
At the age of just 22, young entrepreneur Faraaz Ghaffur founded Magnitudo in 2017 after identifying a gap in the market for a high-end, online streetwear brand. The clothing is popular with sports, soap and reality TV stars across the country who love the sell-out pieces.
Faraaz has ambitious plans to expand internationally over the next five years, creating a fashion phenomenon across his target audience of 18-30-year olds.
Faraaz said: “Over the last year and a half we have grown the company, our customer base and our social media following significantly. Thanks to the support from NatWest, we have been able to build on this success and reach the next milestone in the company’s expansion by opening our first store and launching our biggest and most impressive collection yet.
“Our focus has always been on high-quality products and 24-hour customer service, which will continue even as we grow. I look forward to meeting our customers in store and growing our base in London.”
Rahul Modasia, NatWest Business Growth Enabler, said: “Magnitudo’s rapid growth is testament to Faraaz’s passion for the brand and his knowledge of the market. We wish him every success with his first store opening and will continue to support Faraaz with his ambitious expansion plans over the coming years.”
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