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.
“I design by visualization. I see things, and most of the time they’re not practical to actually make, and what I’ve found here, it’s like anything’s possible. This is the first time that I’ve made a sole unit in two months. That process usually would take six, so here’s a difference,” said @virgilabloh of the first sneaker sample he created for @louisvuitton, pictured here. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion (📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)