Two sisters, who both left their finance jobs to start a swimwear company, are now making a whopping £100,000 a month. Charlotte Li, 35, from Putney, and Olivia Bishop, 32, of Earlsfield, London, are the brains behind Toco Swim a swimwear brand that aims to empower women with its comfortable yet “bold” pieces.
The “inseparable” siblings previously worked together at an accountancy firm before leaving to focus on Toco Swim full-time. They launched the business in 2017 with just a £10,000 start-up loan, after spotting a “gap in the market”.
Inspired by their mother’s Caribbean heritage, they set out to create high-quality, “skimpy” and “body-flaunting” swimwear, suitable for all body types but without the hefty price tag. From making £35,000 in their first year to now raking in £100,000 a month, the duo aim to “keep the momentum going” and continue to boost women’s confidence through their swimwear.
Speaking to PA Real Life, Charlotte said: “I think part of our success is because we have been so close to our customers throughout we’ve had customers who have been buying from us since 2017 and we know their names. It’s so nice when we get messages, people saying, ‘This swimsuit has changed my life’.”
“One woman said ‘I started crying when I put this on because I felt so amazing’. We had a mum message us on Thursday, saying she’s just bought the Cabana one piece and she was feeling super insecure about her body because she was eight months postpartum and she said she felt amazing. It’s so nice to think that we’ve created that feeling for someone.”
Both Charlotte and Olivia studied accounting and finance at the University of Exeter, before becoming auditors and later working at the same accountancy firm – they even described themselves as “the same person”. They had always wanted to set up their own business together, but it was not until around 2016 that they started considering the idea for a swimwear company more seriously.
Charlotte added: “Our mum is from the Caribbean, so growing up we always had access to this beautiful swimwear, really bright. She’s from Trinidad, and they have Carnival every year where everyone’s in skimpy, incredible, body-flaunting outfits and at the time, there was nothing skimpy or Brazilian-inspired like that in the UK.”
“So we just thought, shall we just set it up together? There was a gap in the market at the time fast forward to today, there are lots of people doing skimpy swimwear, so we’ve pivoted a little, but at the time there really wasn’t anyone.”
Olivia said: “I was personally buying swimwear from Australia, from America, to fulfil what I wanted, but it was so expensive once I was paying for shipping and then customs.”
With a £10,000 Government start-up loan and their savings, the sisters launched Toco Swim in the summer of 2017 as a side hustle. They believed it was crucial to keep their corporate jobs for stability while they established the business and would advise other small business owners to do the same, if possible.
“Our first collection was just one top piece, one bottom piece, in a couple of colours, and we were just trying it out to see how it went and we’ve grown and grown each year,” Olivia shared.
“It did take a long time a year of back and forth, sampling, finding the right manufacturer, doing fittings in the work toilets but we wanted to make sure we felt the product was perfect before launching.”
The sisters continued to work at the accountancy firm until Charlotte left in 2019 and Olivia followed in 2020 to focus on the business full-time to “make it a success”. Their first collection sold out quickly and, since then, they have released a variety of different swimwear pieces, including bikinis and one pieces, and created “an incredible community.”
Charlotte and Olivia aim to ensure the pieces, which range from XS to XL and include “skimpy”, “cheeky” and “moderate” styles, flatter all body types. Charlotte said: “People are obsessed with Toco it’s like a Toco tribe.”
“Now, when people buy Toco, they’re not just buying a swimsuit, they’re almost buying confidence, and because they see loads of other women who look like them, it’s empowering them to wear it and feel amazing.”
“Usually, people think of a swimsuit as a second-hand thing ‘Oh, I hate bikini shopping’ but we want it to be your favourite piece in your suitcase, that you can’t wait to wear Toco.”
The duo believe their finance backgrounds have been key in running the business, as they understand “cash flow and management”. In their first year, they made a total turnover of £35,000 and given their collection sold out, this gave them “the motivation to continue”.
The business has since flourished, with Toco Swim now making around £100,000 per month and they aim to reach a total of £1.2 million or more this year. However, they acknowledged a “big learning curve this year” is items being out of stock and “keeping up with demand”.
“It’s like imposter syndrome is this for real? We’re running this business that’s turning over £100,000 a month now. Sometimes it doesn’t feel real,” Olivia admitted.
Charlotte and Olivia revealed their pieces have been worn by Made In Chelsea stars Lucy Watson and Millie Mackintosh, as well as Love Islanders, but they take pride in growing as a “traditional company”.
They boast a high number of repeat customers, with a return rate of between 30% and 40%, and they don’t rely on influencers or brand partnerships to boost their business.
Being sisters, they believe it allows them to be completely honest with each other with Olivia handling the logistics and Charlotte leading the marketing and branding.
The siblings are now looking to break into the US market but, for the time being, they want to keep providing “amazing” pieces for their clientele. Discussing their plans for this summer, Charlotte revealed: “Historically, we’ve done lots of skimpy pieces, this year we’ve launched pieces that appeal to a wider demographic.”
“As usual, though, we’re providing our bright, bold, stand-out pieces. Toco isn’t for if you want to be a wallflower, it’s for really standing out and turning heads when you go on holiday.”
To find out more about Toco Swim, visit tocoswim.com or search @tocoswim on Instagram.
