David Hathiramani
David Hathiramani, the boss of A Suit That Fits A Suit That Fits

An online tailor backed by Simon Calver, the former boss of Lovefilm and Mothercare, is targeting a 1,000% increase in revenue as it embarks on ambitious expansion plans.

A Suit That Fits made £2.6m (€3.7m, $4.1m) in sales in 2014 and is aiming to hit £32m within the next five years. Founded in 2006, the company specialises in tailored garments that customers design online before being fitted at one of 30 studios.

David Hathiramani, the firm's chief executive, told IBTimes UK: "We're going to have 300 'fit experts' who will essentially run franchises all over the UK, it will be Britain's largest network of bespoke fitters. We're targeting a £90m valuation in five years, based on projected profits of £9m."

He also said he wants to "sweep the intimidation away from the industry" and make tailored suits more accessible.

A Suit That Fits, which takes a cut out of each transaction, recently raised £500,000 via crowdfunding platform Crowdcube. Longer term, Hathiramani believes the firm could become a takeover target for private equity or a US player. He said: "We might get acquired by a trade buyer, a big US tailor, or there could be a private equity play."

As well as holding a stake in the company Calver, who was at the helm when Lovefilm was acquired by Amazon, is also non-executive adviser to the company.