PARIS — Menlook.com is inching closer to becoming an international player in online men’s wear.
Three new investors have vowed to inject $29 million into the French e-tailer as part of a long-term strategy to grow its international profile and enhance its services.
The new investors are investment fund IDInvest Partners, French bank BPI, which manages the Digital Ambition Fund, as well as Marc and Laurent Grosman, the founders of French men’s wear maker Celio.
Partech International, Orkos Capital and 123Venture funds remain the company’s shareholders, while Marc Ménasé, who founded the site in 2010, remains its largest individual shareholder and chief executive officer.
Ménasé said the cash injection would “enable us to enhance further the quality of our range of services throughout the world, attract new talents and invest in technologies of the future while playing several markets.
“The challenge we are going to seek to meet by 2017 consists in remaining e-commerce craftsmen and working hand-in-hand with prestigious brands while running the largest men’s store in the world,” he added.
The online retailer, which stocks men’s ready-to-wear, shoes, accessories and lifestyle objects, currently operates eight local Web sites in France, U.K., Germany, Netherlands, Spain, Italy, U.S. and Singapore.
Korea and Japan are slated to follow in the second quarter of 2015, Ménasé told WWD.
“We have Europe quite well covered; we are eyeing Asia and the United States next,” he said, adding that he expects to triple the company’s size within the next 24 to 36 months from its current annual turnover of $40 million.
The main driver is likely to be the launch of a “premium and selective marketplace,” which will update Menlook.com’s role from a mere wholesaler and manufacturer of its private brand Menlook Label, to an electronic commerce company to which third-tier vendors will connect their e-stock while remaining in charge of delivery.
“This is a huge investment for us that will help grow our business exponentially. We will edit the products to assure quality and will try to fill all segments from sportswear to designer wear,” Ménasé explained.
Following the new platform’s launch is December, the executive expects to have around 100 brands on board by the first quarter of 2015.
Menlook.com is billed as the largest independent online retailer for men’s wear in Europe. It partners with more than 400 brands and ships to 120 countries worldwide.
In 2014, the company counted 17 million visits on its Web sites, which include Menlook.com, Oki-ni.com, SaintSens.com and GeorgesPrive.com, a recently launched private styling service.
Ménasé estimates that the firm will register a 60 percent jump in sales by year-end versus the same period last year. Sixty percent of its sales are posted outside of France, with UK as its biggest market.
Asked about the main ingredient of Menlook.com’s rapid rise, the executive said: “Unlike my father’s generation, men today care about what they wear, but they don’t like to shop. What they want is a one-stop shop for everything, and online is the best place for that.”