Posted: Tuesday 3 July 2012
Morton Fraser LLP is delighted to announce that the Business Growth Fund (BGF) has invested £4.2 million in its client, AFG Media, the fancy dress and party fashion company behind the amazingly successful and fast-growing Morphsuits phenomenon.
AFG Media was founded in 2009 by Edinburgh University graduates Gregor Lawson and brothers Fraser and Ali Smeaton, who gave up their day jobs to sell all-in-one skintight costumes that they branded Morphsuits, after witnessing the dramatic reaction generated at a fancy dress party. With backgrounds in sales and marketing, the team recognised the potential of the product and developed a distinctively branded all-in-one lycra suit that enables the wearer to see others, whilst remaining anonymous and therefore morphing into a more fun and outgoing version of themselves.
In only three years, revenues have soared from £1.2 million in 2010 to £11 million in 2012. The company has experienced growth of 300 per cent year on year on the back of a marketing campaign that has been driven by social media and now boasts over one million fans on its Facebook page. The business received a major boost last year when US retail chain Party City, which has over 1000 fancy dress stores, placed an initial order of Morphsuits during the run-up to Halloween.
AFG Media has recently expanded to include party wear under the name Foul Fashion and a brand of highly patterned and colourful golf clothing under the name Royal & Awesome.
BGF’s investment will enable the company to bring new product lines to market; to expand the potential for existing products (such as the development of Morphsuits for children, a market expected to outstrip the adult market by over four times); and to develop its supply chain. The company is also looking to further penetrate the US market and target overseas expansion opportunities in Europe, Mexico, Russia, Japan and China.
Iain Young, Consultant with Morton Fraser, commented: “We have been advising the AFG Media team for some time now and we are delighted to have helped secure further investment for this fast growing company. BGF provides much more than just investment for the company and will contribute guidance and operational support to the company as they expand. We hope to continue supporting the management team in their development plans.”