Direct-to-consumer swimwear brand Summersalt has closed on a $2 million seed round led by Dundee Venture Capital.Also participating in the round are Breakout Capital, Revolution’s Rise of the Rest Seed Fund, Cultivation Capital, Victress Capital, M25, The Syndicate Fund and Silas Capital. The swimwear firm’s aggregate raise to date is $2.6 million. An investor in the start-up’s earlier seed round includes Ron Fromm, former president and chief executive officer of Caleres, formerly The Brown Shoe Co.Lori Coulter and Reshma Chattaram Chamberlin founded the swimwear brand, which launched in May 2017. Coulter is president and ceo, while Chamberlin is chief digital and brand officer.Elizabeth Engel, partner at Dundee, said, “Summersalt’s refreshing, thoughtful, adventurous approach to owning the direct-to-consumer market is what made this opportunity so appealing. We’re thrilled to be a part of their trajectory.”The venture capitalist added that the “deep industry expertise and digital marketing talent [of the cofounders] got us excited about the chance to become partners.” Coulter has 10-plus years in swimwear design for top retailers and resorts, while Chamberlin has 10-plus years in brand building and digital marketing.Summersalt sells online primarily to Millennials. “In a category that tends to favor sexualized imagery and steep price points, we’re disrupting with travel-centric content featuring real women [and price points] at $95 and below, making designer swimwear accessible to all women,” Coulter said.According to Coulter, the $13.5 billion swimwear industry is expected to grow to $20 billion in 2020. She said “swimwear is ripe for disruption,” when asked about the extent of venture capital interest. Coulter attributes that to the structure of the industry. Because most of the product in the marketplace is licensed, that translates to multiple middlemen in the supply chain.Chamberlin said, “By cutting out the middlemen and with supply chain at warp speed, we’re able to deliver designer quality at an affordable price with functionality and performance in every product.” She added that the fit was based on more than 10,000 body scans of real women and 1.5 million measurements.The product is made from sustainable materials, a combination of 78 percent recycled polyamide and 22 percent extra life Lycra. Coulter said the material is five-times stronger than what most firms use, with four-times the compression and it has UPF 50+ built into the suits.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion