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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)