Luxury womenswear brand, With Nothing Underneath (WNU) has secured £2.5m of investment in its first funding round, led by Pembroke VCT alongside JamJar Investments. The capital raised aims to support the company’s international growth, fuel the expansion of its UK retail presence and grow the team.
Founded in 2017 by Pip Durell, former Tatler editor and Vogue stylist, With Nothing Underneath’s vision was to create the perfect shirt by combining the precision of traditional men’s tailoring with a fit specifically crafted for women. By using high-quality, sustainably sourced fabrics and offering timeless style, WNU has established a unique position in the womenswear market, providing essential wardrobe staples that transcend seasonal trends.
Over the last three years, the business has maintained profitability and achieved triple-figure growth of 130% in 2023. WNU opened its first store in London in 2022 and now plans to use part of the funds raised to further grow its bricks-and-mortar footprint in the UK.
As well as maintaining its focus on home soil, WNU will use the funding to expand its presence in overseas markets in the U.S. and Europe – specifically in the DACH region (Germany, Austria and Switzerland), tapping into international demand for British heritage styling.
The business has already generated an international customer base and received organic endorsements from the likes of Dolly Alderton, Cara Delevingne and Florence Pugh. It has also collaborated with the well-known brand, Free People, and has a limited-edition partnership with the Financial Times.
This investment will also be used to make key hires, strengthening the senior leadership team and further developing new product lines, following recent success with the launch of trousers in September.
Pembroke VCT will act not only as an investor but also as a strategic partner to support Pip and her team in the next phase of growth. Joined by consumer specialist VC FundJamJar Investments, this investment is WNU’s first funding round.
Andrew Wolfson, CEO of Pembroke Investment Managers, commented: “With Nothing Underneath holds a unique position in the womenswear market. Pip and her team have built a fantastic brand around one staple item, the shirt – an essential in most women’s wardrobes. It has become a standout in the fashion industry and early growth metrics have given us conviction in the brand. This investment will enable this emerging British heritage brand to enhance its product range, assist with growth, and support WNU’s international reach.”
Emily Bullman, investor, JamJar Investments, said: “We’re obsessed with this cult classic and its proudly British roots. WNU hits the sweet spot for modern consumers hunting down high-quality, affordable essentials. Pip and her team have their finger on every pulse, steering the brand with laser-sharp vision. By blending timeless design with British heritage nostalgia, WNU doesn’t just resonate – it sticks with every generation, building loyalty that lasts longer than your favourite shirt.”
Pip Durell, founder of With Nothing Underneath, commented: “We are thrilled to close our first fundraise, securing two experienced and knowledgeable partners to help us to take WNU to the next phase of growth. We have built WNU on the core tenants of great product, customer first sensibilities and staying true to our brand values, and we look forward to continuing our journey with added financial support and broader retail knowledge with great partners who respect and share our vision.”
Alicia Taylor, investment manager, Pembroke VCT, said: “Pip and the team have built a truly differentiated brand, supported by an incredibly loyal customer base and strong fundamentals. We believe that WNU’s commitment to timeless style and sustainable, high-quality wardrobe essentials meets the needs of today’s modern consumer, with a focus on versatility of wear and well-crafted items that transcend seasons. We are delighted to be supporting the company in their next phase of growth.”
