British women’s shirtmaker secures £2.5m investment from Me+Em backer

With Nothing Underneath was founded in 2017 by former Tatler editor Pip Durell with the aim of delivering menswear-inspired shirts fit for women. In 2022, it opened its first store in central London and last month expanded its product offering to include trousers.

The business will use the funding to expand its presence in overseas markets such as the US, Germany, Austria and Switzerland, tapping into international demand for British heritage fashion.

The £2.5m investment will also be used to make key hires, strengthening the senior leadership team, further developing new product lines and grow its bricks-and-mortar footprint in the UK.

Pembroke Investment Managers founder and CEO Andrew Wolfson said: “With Nothing Underneath holds a unique position in the womenswear market.”

Pembroke's fashion retail investment portfolio includes Me+Em, Tala, Ro&Zo, Bella Freud and BlooBloom.

“This investment will enable this emerging British heritage brand to enhance its product range, assist with growth and support WNU’s international reach,” said Wolfson.

Durell said: “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.”