Following a Series A fundraising round last December, footwear fit-technology company Volumental is strengthening its C-suite with the addition of a chief financial officer and the creation of a commercial team of executives to focus on growth in China.
The company’s FitTech solution is designed to create accurate sizing for footwear shoppers buying online or in a store. With e-commerce, the technology reduces returns by eliminating the need for consumers to bracket online purchases — which means ordering several sizes and returning what doesn’t fit.
As part of the company’s growth initiatives, Volumental has named Patrik Brakenhielm CFO. “He joins Volumental from SkinCity, where as CFO and interim CEO, he was part of transforming a Swedish-based small skin care business into a highly successful international e-commerce organization,” the company said in a statement.
Brakenhielm said coming from “an investment company with a focus on next-generation retail, and most recently from an innovation-driven e-commerce business, I’ve followed Volumental from the sidelines for [several] years as I watched this company solve the biggest challenge in retail for the world’s largest brands.”
Volumental is eyeing further growth in China and said it has several partnerships with brands there, such as Under Armour, New Balance, Canada Goose and Yonex, among others — including domestic Chinese retailers and brands. “Volumental has tried and tested its FitTech solutions globally since 2016, providing immense value in shop floor sales, e-commerce sales and sales data to leverage in product design, digital marketing and inventory management and with this experience, Volumental is confident it will be able to re-create this same success in China,” the company said.
More than 100 merchants and brands use Volumental’s 3D scanning technology and data solutions in more than 3,000 stores and 46 countries. Alper Aydemir, cofounder and chief executive officer of Volumental, said in addition to helping the company “build out a strong finance team to help us scale across multiple initiatives, [Brakenhielm] will help us with the financial engineering to fuel growth in new markets like China, the world’s largest producer and consumer of footwear.”