High-end womenswear brand With Nothing Underneath (WNU) has raised £2.5 million in funding as it looks towards its domestic UK market, as well as mainland Europe and the US to drive its growth.

It’s the first funding round for the label that was founded by former Tatler editor and Vogue stylist Pip Durell, with the money coming from Pembroke VCT and JamJar Investments. Pembroke will act as a “strategic partner” as well as a pure financial backer.

The company aims to grow its staff count as it expands its UK retail presence and the new funding will enable it to strengthen the senior leadership team, as well as further develop new product lines, following “success” with the launch of trousers in September. 

WNU was founded in 2017 with Durell’s vision being “to create the perfect shirt by combining the precision of traditional men’s tailoring with a fit specifically crafted for women”. 

Since then, we’re told that “by using high-quality, sustainably sourced fabrics and offering timeless style, WNU has established a unique position in the womenswear market, providing essential wardrobe staples that transcend seasonal trends”. 

The business has been profitable in the past three years and in 2023 saw triple-digit growth. That came after it had opened its first store (in London) in 2022. The plan is to expand its UK retail footprint further.

As for international expansion, it’s targeting Europe — specifically the DACH region (Germany, Austria and Switzerland) — and the US “tapping into international demand for British heritage styling”. 

It already has a growing international business and this has been helped by endorsements from influential names including writer Dolly Alderton, model-turned-actress Cara Delevingne and actress Florence Pugh. It has also collaborated with the Free People brand, and has a limited-edition partnership with the Financial Times.

Andrew Wolfson, CEO of Pembroke Investment Managers, said: “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. 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 WNU’s international reach.”

Emily Bullman, investor, JamJar Investments, added: “We’re obsessed with this cult classic and its proudly British roots. WNU 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. By blending timeless design with British heritage nostalgia, WNU doesn’t just resonate – it sticks with every generation, building loyalty that lasts longer than your favourite shirt.”