Berlin-based online fashion apparel and lifestyle products retailer Lesara GmbH said it was infused with $40 million of series “C” funding that was led by a group of new and existing investors based in the U.K. and the U.S.
The funds will be used to help expand the brand into the U.K., Belgium, Spain, Denmark and Sweden. This latest round brings the total funds raised to $60 million. Although the retailer does not release sales figures, a company spokesperson said in 2016 revenues rose 175 percent on an active customer base in Europe of 1.5 million.
The retailer did not disclose the names of the investors.
“The company’s current inventory is comprised of 100,000 fashion and lifestyle goods and adds 2,000 styles every week, the equivalent of a seasonal collection for some of its off-line competitors,” the retailer said.
Roman Kirsch, chief executive officer and founder of the company, said the Lesara team “puts in a vast amount of effort every day to grow our expansion and to continuously improve the shopping experience for our customers. The ongoing support and confidence from our existing investors as well as new ones is a confirmation for us, that they believe in our vision and potential just as much as we do and is, therefore, both reward and incentive to keep on going because there is still a lot we want to achieve.”
Regarding the overall market, Kirsch, who founded the company in 2013, said “we have only started to see the big disruption coming from agile retail and digitalization of commerce.”
The ceo describes the company as a “leaner and faster” and “data-driven version” of fast fashion that involves it analyzing “external and internal data to determine what products will sell.” The retailer said a vertically integrated merchant “needs as little as 10 days to spot a trend, have it designed, produced, advertised in the online store, and made available to an international audience.”
The company said it accomplishes this via its ability to leverage algorithms “in order to identify styles on a week-to-week basis,” which upends the “traditional fashion methodology of designing in bulk without consumer demand.”
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