Morphcostumes is the fancy dress and party fashion company behind the Morphsuits phenomenon and was founded in 2009 by Edinburgh University graduates Gregor Lawson and brothers Fraser and Ali Smeaton, who gave up their day jobs to sell all-in-one skin-tight costumes that they branded Morphsuits, after witnessing the dramatic reaction generated at a fancy dress party.

In June 2012 BGF invested £4.2 million in AFG Media (subsequently renamed as Morphcostumes) to enable the company to bring new product lines to market; to expand the potential for existing products (such as the development of Morphsuits for children and investments in licenced products such as Power Rangers and Spiderman); and to develop its supply chain. In 2013 the company acquired Digital Dudz, which brings multi-media interactivity to its product range.

With backgrounds in sales and marketing, the team recognised the potential of the product and developed a distinctively branded all-in-one spandex suit that enables the wearer to see others, whilst remaining anonymous and therefore morphing into a more fun and outgoing version of themselves.

The global market for retail party goods is estimated by operators within the industry as being worth $10 billion per annum, while the Halloween market alone is valued at $6 billion. Morphcostumes is expanding into broader costume ranges as it looks to capture a larger share of the fancy dress market and now retails party wear and a brand of highly patterned and colourful golf clothing under the name Royal & Awesome.

In addition to funding, BGF contributes guidance and operational support to the company and introduced Ralph Kugler as Chairman. Ralph has been a main board director at a number of global companies including InterContinental Hotels plc and Unilever plc. He is an advisor on the board of Mars Incorporated and Chairman of the board remuneration committee; Chairman of Cognita Limited, the global schools group; and Chair of the International Advisory Board of Leeds University Business School.