Sizable 1A

Tax Shelter
Equity Belgium 62 investors
Finally effective underwear!
Pre money valuation
Equity offered
Amount raised
Committed by co-investors
0 days
Remaining (or less, see deal)
Minimum target
110% funded
This campaign has been closed

Historical accounts

Total assets for:2016: € 92,935 intermediate situation as of October 2017: € 197,050Key events driving our evolution are the Equity raise, the investments for optimizing Sizable's marketing efforts (SEO/SEA, website,...) and ERP and new loans contracted to support our growth.Profit and loss for 2016: € -47,663.This loss is mainly driven by the total operating and overheads costs outweighing the profits made on sales.It also reflects the opportunity for scaling up the business to break even with simply more volume.

Financial plan

The 5-year looking-forward financial plan, developed by Sizable management, is presented here below in under two forms+ The detailed exhaustive financial plan in “Sizable Business plan 2017-10-24.xlsx”

Download Sizable business plan 2017-10-24.xlsx

Revenue drivers

Overall, as we position Sizable as high-end products, our revenue flows are especially sensitive to the volume of units sold.Volume+ We expect our volume of sales units to grow at a monthly average rate of 13% in in 2017, 6% in 2018, 5% in 2019, 3% in 2020 and 2021. Eventually, forecasts flatten out at around 2% per month as of 2022.+ A stable growth rate of 2% for products that reach maturity is consistent with the Underwear Benelux market for men in 2015 whose value was of 290 MEUR and growing at a constant pace of 2%+ Growth curves for the set of 8 product are displayed in the attached file “20171025 Sizable Key figures for MMiF.pdf”+ We learnt from past sales that our customers are usually first buying a small batch of products and that they come back few weeks after to buy a bigger batchPrice+ We aim at keeping our price stable over the first years of our business launch to ensure consistency between price and high-end positioning+ Our pricing is in the range but slightly lower than our direct competitors+ Price paid by the end customer is the same regardless the channel Online/Offline.Margins+ Margins are on average of 77% for Online sales and of 52% for Offline sales

Cost drivers

Our four main cost buckets are Production, Marketing, OPEX payroll and Other Operating costs (mainly warehouse and direct shipments). Naturally, COGS are 23% and 42% of the sales price for Online and Offline channels, respectively. Then, of the total Operating expenses, salaries and amortization, we have on average for the next 5 years:+ Marketing costs make up for about 25%, necessary to ensure optimal sales uptake+ OPEX payroll represent between 20-40% , ensuring that key resources and knowledge are available (Sales man, Designer, business developer, etc)+ Storage and direct shipments account for 11-17%, ensuring minimal delivery lead times and optimal product management+ Overheads costs only represent 5-11% of the costs

Financial tables

Download Sizable - Summary financial figures EN.pdf

Break even volume

Based on forecasts, we shall break even after selling 25,932 units.

Break even year

1 March 2018


This business qualifies for the startup tax shelter. If you meet the conditions, 45% of your investment will be reducted from your personal income taxes. Read more…
Please note €1,200 remains available for Tax Shelter investments.