LONDON — The Modist, the luxury fashion web site that focuses on modest fashion, is becoming à la mode within the financial community, securing growth investment from Vaultier7.
According to industry sources, Vaultier7 has taken a stake in the site, which launched last year and carries a host of clothing, footwear and accessories brands from the likes of Erdem, Oscar de la Renta, Mary Katrantzou, Roksanda and Alessandra Rich.
According to papers filed last week at Companies House, the official register of U.K. businesses, Vaultier7 founders Montse Suarez and Anna Sweeting have both taken seats on the board of the company, which is based between London and Dubai.
Neither Vaultier7 nor The Modist could be reached for comment at press time.
Launched on International Women’s Day last year with the goal of smashing stereotypes around the word “modesty,” the online retailer is the brainchild of the Algerian-born Ghizlan Guenez, who had worked in finance for more than 15 years.
She has funded it privately until now.
Although a big target audience is the Middle East, the site has always sought to capture customers worldwide. It bills itself as “the first global destination where leading fashion brands are curated for the woman who dresses to express her style in a contemporary, feminine and modest way.”
It also employs a host of Net-a-porter veterans. The creative director, Sally Matthews, oversees the site’s magazine The Mod, which puts a focus on entrepreneurial women. Matthews used to be the fashion and beauty director of Harper’s Bazaar Arabia.
Buying and fashion director Sasha Sarokin, who was previously buying manager of Net-a-porter, works closely with designers to adjust pieces or create exclusives for The Modist.
In April, The Modist launched an in-house label called Layeur, a line of modest clothing born partly from the data The Modist has been gathering from customers since it launched.
Vaultier7 is a specialist firm that aims to invest in “challenger brands” in the beauty and lifestyle space. It also puts its money behind newcomer companies that have a distinctive attitude and a “digitally shrewd strategy underpinned with a compelling product offering,” the founders said in an interview last year.
The investment would be the second that Vaultier7 has made so far this year: In January, it put $7.5 million behind Axel Arigato, the cult sneaker brand that drops new styles every week.
Vaultier7 is looking at companies with revenues of between 3 million pounds and 15 million pounds, and aims to provide growth capital between 2 million pounds and 10 million pounds, with a focus on the U.K. and Europe.