With Nothing Underneath Secures 2.5 Million Pounds in Funding, Launches Collaboration With Felicity Kay

by · WWD
Nicholas Galitzine in a With Nothing Underneath cap and a preview of Felicity Kay's capsule collection with the brand.Getty Images / With Nothing Underneath

LONDON — Shirting brand With Nothing Underneath, a favorite of Meghan Markle and Nicholas Galitzine, has secured a funding of 2.5 million British pounds from Pembroke VCT and JamJar Investments.

The brand will use the investment to grow its international profile and team, expand its U.K. retail presence, and introduce new categories.

Pip Durell, previously an editor at the British society magazine Tatler, founded the brand in 2017. The brand said it has been profitable since it launched, with revenues growing by more than 80 percent this year and 300 percent since 2022. The company added that it achieved growth of 130 percent in 2023, although it did not reveal exact revenue figures. 

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With Nothing Underneath’s expansion into pants.Courtesy of With Nothing Underneath

With Nothing Underneath is also focusing its effort on the U.S. and European markets, specifically targeting Germany, Austria and Switzerland.

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“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,” said Andrew Wolfson, chief executive officer of Pembroke Investment Managers, the umbrella under which Pembroke VCT sits under.

“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 With Nothing Underneath’s international reach,” he added.

Pembroke VCT and JamJar Investments will not only act as investors, but as strategic partners to Durell and her team in advancing the business.

Felicity Kay’s capsule collection for With Nothing Underneath.

“We’re obsessed with this cult classic and its proudly British roots. With Nothing Underneath 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,” said Emily Bullman, an investor at JamJar Investments.

With Nothing Underneath had a big boost in August 2019 when Markle wore one of the brand’s blue stripe shirts, called The Boyfriend. The Duchess of Sussex wore another shirt from the brand in October of that year.

Other fans of the brand include Cara Delevingne, Florence Pugh and Emily Ratajkowski.

This summer With Nothing Underneath expanded into tailored trousers by launching The Rampling, named after Charlotte Rampling, a muse for the brand along with the likes of Carolyn Bessette Kennedy and Jane Birkin.

Felicity Kay’s capsule collection for With Nothing Underneath.

“Borrowing from the boys is not a new concept, but with menswear having always dominated the tailoring scene, customers are now looking for that same impeccable tailoring, but made with women’s form in mind,” Durell told WWD.

Playing with gender norms has become a fun twist in the brand.

On Wednesday, the brand will launch a capsule collaboration with celebrity stylist Felicity Kay, who dresses the likes of Paul Mescal, Nicholas Galitzine, Ncuti Gatwa, Kit Connor and Hannah Dodd.

The London-based stylist has designed three unisex shirts: a wrap shirt, a dress shirt and a weekend shirt in oversized fits with exaggerated cuffs.

The shirts carry sentimental value to Kay — naming them Alexander, Marlow and Ncuti — after her husband, son and first client.

“This collaboration came about quite naturally. When I’m putting together wardrobes for clients, there are always one or two key pieces I’m looking for that I just can’t seem to find — and it’s often a really great shirt,” said Kay.

“I had reached out to Pip to see if she could create a specific shirt for a client, and she suggested that I create a few pieces as a collaboration,” she added.