NEW YORK – eFashion Solutions LLC, a manager of online operations for fashion merchants such as DKNY and Lily of France, has received $17.5 million in equity funding. Investments were made by ABS Capital Partners and three other investors – including retail industry veteran Bernie Brennan.
Brennan, who was CEO of Montgomery Ward Holdings for more than eleven years, will become chairman of eFashion Solutions.
This is eFashion’s second round of equity funding. The first, for $4.5 million, was from Seacoast Capital Partners and Brennan. Seacoast participated in the latest round, as did PiperJaffray PEP II.
eFashion Solutions will use the money to further develop its ecommerce software. Improvements will include increasing the number of languages and currencies the software can handle, as well as updating its business intelligence capacity.
The company intends to sign on more customers; especially in the luxury market, according to eFashion Solutions ceo Ed Foy, Jr.
The company does not reveal its revenues, but Foy said it is profitable.
The six-year-old company is based in Secaucus, N.J. Its 30 fashion retail customers also include Oscar de la Renta, ABS and Baby Phat.
For complete coverage, see Monday’s issue of WWD.