The additional funding comes from existing investors, such as Maveron and Andreessen Horowitz.
According to Jane Park, chief executive officer and cofounder of Julep, “Things are going so well that all the investors wanted us to expand our horizons and move faster [on some initiatives]. Taking on an additional $5 million enables us to be even more aggressive and push forward our innovation faster.”
Jason Stoffer, partner at Maveron, explained, “We’re all very excited about the progress of the business. The company has a number of compelling opportunities and we thought they can move more aggressively going ahead without any interruption with fund-raising.... Fund-raising is a distraction. I think [we] saw an opportunity to help the company grow and not have the ceo distracted with additional fund-raising.”
Stoffer spoke of fast-fashion firms such as Zara, Forever 21 and H&M, and likened Julep as the equivalent in the beauty space: “Beauty companies are beholden to the retail distribution of their products and they need to keep introducing new ones at a certain rate. When you’re doing business online, you’re not as beholden to the traditional retail [set-up]. Julep can do [product introductions] at a faster clip.” He also said that in the last generation of new beauty firms, Bare Escentuals and ProActiv reached out to consumers directly via the television channels. Julep represents the next generation at the forefront, utilizing social networking and video channels, such as YouTube, to garner consumer interest.
Park said one product introduction that got investors’ attention was the sell-through results of its new DD Cream, or dynamic duo cream, which combines first-generation beauty balm with foundation and sun protection and second-generation formulation with complexion correction and brightening agents. The cream was launched two months ago in four shades, and two skin-tone colors have already sold out. The plans for the additional funding include building out a cosmetics line, working on a digital strategy and a reformulation of its nail polish line.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion