LONDON — Less than a year after securing investment from Vaultier7, The Modist e-commerce site has brought two more investors on board: Farfetch and Nicola Bulgari. The value of the deal has not been disclosed.
Ghizlan Guenez, founder and chief executive officer of The Modist, called Farfetch “an invaluable player in the world of luxury and innovative technology” and said her company was looking forward to growing with their support and expertise.
She added that Bulgari “values excellence in the needs of the evolving luxury consumer” and she’s looking forward to calling on his “guidance and vast experience, thereby reaffirming our positioning in the rapidly evolving luxury modest fashion space.”
The Modist investment is the latest in a variety of deals that Farfetch has done over the past few months: In December, the platform purchased 100 percent of Stadium Goods, the sneaker and streetwear marketplace, in a deal with an enterprise value of $250 million.
Previously, The Modist had partnered with Farfetch, becoming a direct retailer on its Marketplace platform. “Ghizlan and the team have built an incredible business and it’s great to be a part of supporting the next phase of the company’s growth,” said José Neves, Farfetch founder, ceo and co-chairman.
Nicola Bulgari, vice chairman of Bulgari and a grandson of Sotirios Bulgari, the founder of the luxury jewelry brand, has invested through his private equity vehicle, Annabel Investment Holding.
“We are very pleased to be part of The Modist, which is driving a niche, yet visionary, expansion of luxury brands in the burgeoning world of e-commerce,” he said.
Last June, The Modist, which specializes in high-end, modest fashion, received $15 million in a round of funding led by Vaultier7, the specialist investment company. Chalhoub Group has also taken a stake in The Modist.
Guenez launched The Modist in 2017 with the goal of tearing down stereotypes around the word “modesty.”
The multibrand site ships to more than 120 countries and sells more than 180 designer and contemporary brands including its in-house label, Layeur.
Brands selling on the site include Alberta Ferretti, Anna Sui, Bella Freud, Christopher Kane, JW Anderson, Missoni, Roksanda, Roland Mouret, Osman, Norma Kamali, Stella Jean and Oscar de la Renta.
The Modist has also been building its original content offer with a magazine called The Mod, which puts a focus on entrepreneurial women.
According to Thomson Reuters, modest clothing has become a focal point within the fashion industry. The market is already worth hundreds of billions and is set to grow to $484 billion by 2019.
The Modist said it resonates soundly in the Middle East, where luxury growth is increasingly outpacing that of the rest of the world. The region is hot right now for e-commerce brands generally.
As well as building its stronghold in the Middle East, the Modist is also growing in the U.S. and the U.K., while the team is full of Net-a-porter veterans, including former global sales and marketing director Lisa Bridgett, who is The Modist’s chief operating officer.