InTurn, the B2B platform that automates how retail buyers procure excess inventory from brands, has completed a $9.7 million Series-A financing round.The funds will be used to expand the company’s sales and client services teams to support growth of its network of brands and retailers. The investment brings InTurn’s total funding to $13.6 million.The financing round was led by Novel TMT Ventures, founded by Silas Chou’s two sons, Luis and Bruno Chou, and Andrew Fine, and included previous investors Forerunner Ventures, Lerer Hippeau Ventures and T5 Capital.New investors include Benvolio Group, the investment arm of Lew Frankfort, chairman emeritus of Coach, and his family; Shuco LLC, an investment arm of Stanley S. Shuman; Khajak Keledjian, cofounder of Intermix; Bam Ventures, founded by Brian Lee, cofounder of Honest Company and serial angel investor; and Fabrice Grinda.Also, Andrew Fine, a partner at Novel, is now on InTurn's board of directors.“This is our most significant early stage investment ever. InTurn’s solution to improving inventory liquidity and recovery is the biggest opportunity we have identified in the past decade,” Fine said. “We recognized the scope of this opportunity, given our early investment through Beanstalk Ventures, which we cofounded with Ken Seiff.”Ronen Lazar, InTurn’s ceo and cofounder, said those investing in InTurn or serving as advisers have "deep off-price retail, finance and technology expertise." He said InTurn is growing ahead of expectations.InTurn also formed an advisory board including Michael Newman, former vice chairman and chief operating officer at Ralph Lauren; Stephen Milstein, cofounder of Burlington Coat Factory; Alexandra Wilkis Wilson, cofounder of Gilt Groupe; David Margolis, founder of the Winners division of The TJX Cos. Inc.; Lee Helman, managing director of Financo, and Barry Gluck, former executive vice president of merchandising, marketing, store planning and allocation, Ross Stores.InTurn eliminates the manual labor involved in creating spreadsheets; sorts by classification; shows sizing and color information; indicates quantities, suggested retail prices, wholesale prices, new asking prices and, in effect, creates “private, curated showrooms for retailers” that give clear reads on the offer.InTurn lists purchasing rules, such as whether you can buy all of the inventory or part of it, and for how long the offer stands. There are also geographic restrictions on where the product can sell, and calendar restrictions on when to start and stop selling the products. In addition, there’s a margin analyzer that calculates purchase prices to get the desired margins. Frequently, buyers are writing orders without product pictures, descriptions, UPCs, color codes and country-of-origin information, and InTurn is designed to provide all that. It’s cloud-based (nothing needs to be installed), it’s mobile ready, and it works on any kind of device.According to InTurn officials, each year an estimated $250 billion of off-price inventory is sold globally. InTurn's debut last year was timely, considering the ongoing proliferation outlet and off-price stores and Web sites.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)