Backing Visionaries: Partnering with Pip Durell of With Nothing Underneath

At Pembroke, we back people – and from our very first meeting with Pip Durell, founder of With Nothing Underneath (WNU), we knew we’d met someone exceptional. Her clarity of vision, deep understanding of her customer, and clear articulation of growth strategy immediately stood out. WNU was born from a simple yet powerful idea: to create the perfect women’s shirt. Inspired by British heritage and traditional men’s tailoring, the brand offers timeless wardrobe staples made from high-quality, sustainably sourced fabrics, at an accessible price point. In a landscape dominated by fast fashion and fleeting trends, WNU stood apart. The brand’s commitment to seasonless, classic design filled a clear gap both in the market and in women’s wardrobes. As we dug deeper, our conviction only grew. WNU demonstrated exceptionally strong customer retention, robust cohort data, and a loyal, engaged community. The brand had cultivated global recognition, with organic endorsements from celebrities including  Dolly Alderton, Cara Delevingne, and Florence Pugh, alongside strategic collaborations with Free People and the Financial Times. As we dug deeper, our conviction only grew. WNU demonstrated exceptionally strong customer retention, robust cohort data, and a loyal, engaged community. The brand had cultivated global recognition, with organic endorsements from celebrities including  Dolly Alderton, Cara Delevingne, and Florence Pugh, alongside strategic collaborations with Free People and the Financial Times. What Pip and her team had accomplished with limited capital was remarkable. The company remained profitable each year, scaled an omnichannel strategy, and recently closed a year of triple-digit growth – all while sidestepping the common pitfalls of ‘trend-led’ fashion businesses. While shirting will always be at the heart of WNU, the brand is now expanding into a broader range of wardrobe essential – staying true to its DNA of timeless design and quality craftsmanship. We’re proud to partner with WNU, alongside JamJar Investments, as the brand enters its next chapter of growth. With two beautiful new stores in Notting Hill and Salcombe, and momentum continuing to build, we couldn’t be more excited about what’s ahead. Watch this space.