The friends from Liverpool are ready to grow their business
Montirex founders Daniel Yuen and Kieran Riddell-Austin(Image: Montirex)
Montirex founders Daniel Yuen and Kieran Riddell-Austin are celebrating a major accomplishment ahead of the company’s sixth birthday. The clothing brand launched in 2019 and quickly became one of the biggest to originate from Liverpool.
In the last three years, Montirex has grown from making around £15 million in revenue to a projected £130 million this year, without external funding. Daniel and Kieran’s success has reached a new level as they were both named in the Forbes 30 Under 30 list in the Europe Retail & Ecommerce category.
Montirex is now preparing for an ambitious expansion into Europe within three years, and has its sights set on breaking into the North American market by 2030.
The brand has surpassed expectations and recorded a turnover of £76.7 million, ahead of its sixth birthday this month. Turnover has more than doubled in the past financial year with Montirex achieving a compound annual growth rate (CAGR) of 204.7% since launching in 2019.
Founder Kieran Riddell-Austin said: “We originally launched in response to bigger brands downgrading quality while increasing the prices of their sportswear. We were confident we could provide an affordable and stylish alternative.
Montirex founders Daniel Yuen and Kieran Riddell-Austin(Image: Montirex)
“We’re hugely grateful to our loyal customers who’ve backed our vision and supported us on this incredible journey so far. Montirex simply wouldn’t have grown so quickly without their support.
“In return, we’ve committed to carefully managing each stage of growth to make sure our success is sustainable and without compromising on quality.”
He added: “It makes us really proud that each step along the way has created new jobs – going from two employees to more than 100, we’ve almost doubled headcount in the last 12 months alone.
“As we’ve built our team, we’ve developed a great workplace culture while striking a fine balance between the performance and price of our products, which has proven its worth so far.”
Montirex founders Daniel Yuen and Kieran Riddell-Austin(Image: Montirex)
The rapid growth of Montirex has seen the business switch headquarters more than four times, moving from an initial 300 square foot unit to its current 52,000 square foot office and warehouse in Speke.
Co-founder Daniel Yuen said: “We’ve achieved this with no investors. By retaining 100% of the business, we’ve learned so much along the way and continue to make improvements – from growing our quality assurance team to ensuring that we’re working with sustainable yarns and ethical production standards.
“We’re rising to the challenge of not compromising on quality while meeting the expectations of our customers and navigating increasing production costs while seeking to minimise our impact on the environment.
“That’s not always easy but the learnings we’ve already gained have only strengthened our resolve and commitment to the brand. we’re really looking forward to growing Montirex even further in the next five years and beyond.”