With his passion of fashion and his 'finger on the pulse' when it comes to trends, Otis Dyke formed MyLoafers back in August 2017.
Now, thanks to funding from Enterprise Loans East Midlands , the footwear retailer is taking his business to the next level.
The Long Eaton-based retailer, an on and offline firm supplying men’s, women’s and children’s loafers, has reported a 30 percent month-on-month growth since its inception.
The businessman says the funding will go towards stock, marketing, events and operations costs.
Mr Dyke, who previously worked for the British fashion designer Paul Smith, said: "I’ve always been passionate about the fashion industry and e-commerce and noticed a real demand in the market for high-quality, head-turning loafers.
"I set up MyLoafers to meet this high demand and couldn’t have done it at a better time as the UK footwear market is forecast to grow by 13.7 percent over the next five years.
"My aim is to produce fashionable footwear made with organic and recycled material which are so comfy you’ll never want to take them off and affordable enough to buy multiple pairs."
MyLoafers shoes retail at £59.99.
“I approached Enterprise Loans as I was struggling to get funding from traditional banks. The process was really beneficial to me, not only will the funding help me grow my business and add a new product line into my portfolio but the support I received from my advisor was transformative to my business.”
Victoria Copestake, business development manager at Enterprise Loans, said: “Otis has developed a really fantastic company that aims to become the go-to online loafer outlet. MyLoafers offer head-turning shoes in a variety of colours, styles and prints.
“The success of the company really highlights how Otis utilised his knowledge of the fashion industry to identify this business opportunity. Not only has Otis found a niche market for his company but he also analyses the fashion industry and latest trends to ensure that he always has his finger on the pulse.”
