NEW YORK — The Editorialist has reeled in $2 million in Series A funding to be used to fund the luxury accessories Web site’s international growth.
This story first appeared in the October 17, 2013 issue of WWD. Subscribe Today.
The site, which features editorial content and e-commerce, was launched eight months ago by former Elle accessories editors Kate Davidson Hudson and Stefania Allen. The pair left posts at the glossy and secured seed funding to create what they call the “top edit of accessories” online.
The most-recent funding comes from private investors whom Hudson declined to name. She maintained that the site is on track to turn a profit by early 2014.
The Editorialist ships globally, is read in 129 countries and has an average purchase price of $883.74. Users average almost eight-and-a-half minutes on the site — about 2.5 times the amount of time users spend at similar e-commerce destinations.
Hudson told WWD on Wednesday that the funds will help foster international expansion — especially in the Middle East, Europe and Brazil — as well as add technology to support more editorial and video content.
“Dubai, Qatar and Kuwait are really developing a strong customer base for us,” Hudson said. “There are high conversion and user rates [in these places].” The site will be translated into Arabic and Spanish by the end of this year.
Hudson said that video has worked particularly well with consumers, citing a video of a model walking in a pair of Aquazzura shoes that was played on a loop.
“We had a sell-through rate three-times higher with a video module versus a static image,” she said. “It was a great indicator for us.”
Right now, Editorialist.com is the sole pure-play dedicated to luxury accessories online — carrying designers such as Valentino, Givenchy, Balmain, Giuseppe Zanotti, Tabitha Simmons, Jennifer Fisher, Chloé, Anita Ko, Kelly Wearstler, David Webb and Loewe. In the next month, the site will launch Jason Wu, Perrin Paris, Salvatore Ferragamo, AS29, Nicholas Kirkwood and Sophia Webster.
Customer service is paramount to delivering a luxury experience to consumers, Hudson said, and an on-staff concierge has been on hand since the company’s inception to handle inquiries ranging from styling to custom orders.
Content on the site is published quarterly via seasonal issues, with micro-trend pieces and news updated three to five times a week. The first issue included an interview with Azzedine Alaïa. Jessica Alba, Veronica Webb and Jordana Brewster have also made appearances. The resort issue, which goes live Nov. 15, will feature Olivia Wilde, and a spring issue is slated to make its debut in mid-February. On Nov. 20, an extra holiday supplement will also hit the site, which Hudson said is more product driven than the celebrity-centric quarterlies.