Cult Mia EIS

Luxury retail is evolving, as it seeks to engage new generations of affluent consumers. By 2030, Gen Z (born in 1997–2012) will account for 25% to 30% of luxury market purchases, while Millennials (born 1981 – 1996) will account for 50% to 55%. 

This digital-native demographic is helping drive an expansion in online luxury retail – projected to triple to c.$143 billion by 2032. Gen Z and Millennials also feature strongly behind the rise of "conscious luxury" – valuing sustainable provenance and long-term impact on people and planet – and a demand for curated shopping experiences.

Founded in 2019, Cult Mia UK Limited (“Cult Mia” or “the Company”) is a London-based luxury fashion online marketplace targeting this demographic and matching their ethos. Positioned as a challenger to the likes of Farfetch and Net-a-Porter that offer only well-known brands, Cult Mia aims to connect shoppers with 500+ independent, values-driven designers from 42 countries. Over 40% of products are exclusive to Cult Mia, and the site partners with influencers to engage customers and foster loyalty.

The Company is led by a team of experienced professionals (including ex Net-a-Porter, McKinsey, and Goldman Sachs) and is backed by notable investors – including H&M Group Ventures (the Group's investment arm), the Chanel Family Office, Morgan Stanley and Chanel heir and luxury fashion investor David Wertheimer.

Founder & CEO Nina Briance has gained strong recognition in the industry and been featured in the Vogue Business 100 Innovators list.

The Company reports rapid growth. Since launch, annual sales have grown in triple digits every year, even through 2025, a challenging period for many luxury e-commerce operators. Year-on-year, net sales grew 124%, conversion rate improved 85% and repeat customer rate increased 48%.

Cult Mia aims to become the largest independent fashion destination globally and achieve £1 billion gross merchandise value (GMV) by 2033 – not guaranteed. It plans to do this by expanding its penetration in core markets the US and Middle East, adding new product categories and strategic partnerships, and investing in technology to improve product discovery and conversion rates.

To support this, the Company is now seeking to raise £1.5 million under an Advance Subscription Agreement (ASA) expected to be EIS-qualifying (not guaranteed), in a funding round led by existing investor Fuel Ventures.

Wealth Club has an exclusive allocation of £500k, investing on the same terms and managed under the Fuel Ventures Co-Investment Fund structure. The minimum investment is £20,000 and you can apply online.

Fuel Ventures first invested in Cult Mia in October 2023.

The ASA is at a 20% discount to a Series A planned for the start of 2026. Fuel Ventures believes the investment could potentially deliver a return of c.5x, before EIS tax relief, in 5-7 years – high risk and not guaranteed.

Please carefully read all investment documents prepared by the Company and Fuel Ventures to form your own view.

Unlike traditional retailers, Cult Mia does not hold inventory. Instead, designers list their products on the platform and fulfil customers’ orders on demand (a “drop-ship” model). Cult Mia’s primary revenue source is a 43% sale commission – significantly above the industry average. This means Cult Mia can deliver a gross profit from the first order, and onboard new brands quickly and with minimal overheads – underpinning the potential scalability of the model.

The average order value (AOV) with Cult Mia is £600+, which is 59% higher than the industry average. It enjoys a low return rate of 12%, minimal discounting, and a 98% brand retention rate reflecting its strong relationship with designers.

Management forecasts the business will be EBITDA-positive from September 2026, not guaranteed.

• Target customers: digital-native Gen Z and Millennial luxury retail consumers (a demographic expected to account for over 70% of a projected £425 billion global luxury spend by 2030) demanding conscious luxury, unique goods and a curated shopping experience.
• Curated selection of 500+ independent, values-driven designer brands across 30+ product categories from 42 countries
• Scalable, low-cost business model, potentially profitable from the first order
• £2.9 million annualised net revenue run rate.
• Targeting £1 billion GMV by 2033 – not guaranteed

This is a single company offer with no diversification. It involves investing in an early-stage, loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment.

Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief. The value of tax benefits depends on circumstances and tax rules can change.

Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

Investors will invest in Cult Mia only via the Fuel Ventures Co-Investment Fund. Sapphire Capital Partners LLP is the manager and Apex Unitas Limited (Mainspring) is the custodian and administrator. Wealth Club Limited is the introducer of this offer.

The investment is expected to be EIS-qualifying – not guaranteed.

Wealth Club investors will invest at the same price and on the same terms as the other investors in this round. 

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Fees

Fuel Ventures will receive an initial fee of 5.5%, payable by the Company (3%) and investors (2.5%, deducted from subscription). Tax relief should be available on the net subscription amount at conversion. 

Fuel Ventures will share its initial fee with Wealth Club (3%). This will not involve any additional cost to investors.

Fuel Ventures will also receive a performance fee of 20% on returns over £1.20 per £1.00 invested.

The fees and charges above are stated exclusive of VAT, which applies in some cases, as determined by the manager. Please check the VAT position carefully in the provider documents.

This financial promotion has been communicated and approved by Wealth Club Ltd on 6 November 2025

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.