In September last year, Warwickshire based snow sports apparel brand Oneskee, received funding from the Midlands Engine Investment Fund (MEIF) through Midven. This has provided the company leverage to increase stock levels and accommodate the increasing demands from a growing customer base. The Midven team has caught up with OneSkee to find out how things have developed since the start of this relationship.
A LITTLE BACKGROUND ON ONESKEE
Oneskee was founded in 2014 by brothers, Josh and Scott Clifford who decided that it was time to rejuvenate functional fashion on the ski slopes. Emerging in a sector that had historically been dominated by a handful of known brands, the brothers knew what they were up against.
By introducing edgy designs to the traditional all-in-one snow suit during their early days, Oneskee has revitalised its appeal to the younger winter sports enthusiasts. Today, Oneskee’s product offering has widened and their customer base has extended to 54 countries. Three-time US Winter Olympian, Hannah Teter proudly represents the Oneskee brand as their brand ambassador.
WORKING WITH MIDVEN
The MEIF investment has afforded Oneskee the opportunity to expand their range and stock levels. This has come at an advantageous time as growing interests in winter sports, especially in Asia with the upcoming 2022 Beijing Winter Olympics, has primed Oneskee for gaining limelight in the global arena.
‘We have enjoyed working with Midven and the investment has already had a significant impact on our business. It has allowed us to capitalise on opportunities we previously did not have the resources to pursue and this is already resulting in increasing revenues.
“We were looking for investment prior to engaging with Midven and faced a number of unexpected hurdles. Once we kick-started our relationship with Midven, the process moved quickly. The team was always open to communication, enabling us to overcome any problems. As our core products are seasonal, timing was key for us and we were delighted to get the investment over the line before the 2019 winter season began.
“So far, Midven has added value by introducing us relevant financial and legal advisors, which has already proven invaluable. We enjoy working with them and they have remained involved with the business after handing over the money, advising on all major strategic discussions.
“With the recent Covid-19 crisis seriously affecting the number of people going on ski holidays in 2020, it is reassuring to know we have a supportive investor involved who has the available capital to invest further, or that can help us secure other types of finance. Although there has been the recent disruption in the market, we believe Oneskee is innovative and flexible enough to continue building its brand throughout 2020 and 2021.”
Midven Investment Director Giovanni Finocchio was one of the first people to recognise the potential of Oneskee and the tenacity of the Clifford brothers.
“Josh and Scott have demonstrated how to inject youthfulness and dynamism into a sector that is dominated by various tried and true brands. Over the next year or two, we will be working together to see significant growth for Oneskee and in turn, job creation for the community. They continue to demonstrate ambition and proactivity in finding avenues for growth.”
Oneskee has proven to be a keen disruptor to their sector as they have excelled in appealing to the emerging generation of winter sports enthusiasts – something that the existing players have attempted to achieve with varying and inconsistent results.
We would encourage any business looking for growth financing, or whose growth plans have been affected by the recent Covid-19 crisis to reach out to Midven and discuss if equity finance would be of benefit.
What is MEIF?
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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