7TH ONLINE’S SECOND FUNDING
Byline: Valerie Seckler
NEW YORK — Just two-and-a-half months after it secured $3 million, 7thOnline has nearly doubled its war chest and named apparel industry veteran Louise Chazen as its president.
The business-to-business fashion marketplace, which went live online in November 1999, is poised to announce this week that it has received another $2 million, completing its first round of Series A institutional financing with a total of $5 million.
Like the first tranche, the second part of the round was led by Himalaya Capital Ventures and Silicon Alley Venture Partners, and includes investments by Patricof & Co. Ventures, New York City Investment Fund, Stonehenge Capital, Hong Kong-based apparel maker Wing Tai Corp. and by one of the B2B’s original backers, Chazen Capital Partners. Chazen is an early-stage Internet investment firm, founded in 1997 by David Chazen and his father, Jerome Chazen, who is the former chairman of Liz Claiborne Inc.
Louise Chazen, a former Victoria’s Secret and Saks Fifth Avenue executive (and Jerome Chazen’s daughter), has quietly consulted for 7thOnline over the past few months. Previously, she spent five years as vice president of merchandising at Victoria’s Secret, a division of Limited Inc., where she coordinated the branding for VS’s three distribution channels: catalog, retail stores and the Internet. Prior to Victoria’s Secret, she worked for 13 years at Saks Fifth Avenue, eight of them as a vice president and divisional merchandise manager for various categories, including coats and dresses. Most recently, Chazen, 46, had taken a year off, between her stint at Victoria’s Secret and joining 7thOnline.
“My role is to form the vision for expanding 7thOnline and working directly with the retailers and vendors so we can find out what their individual needs are,” Chazen said when asked about her priorities in overseeing daily operations. She joins chief executive officer Max Ma, the B2B’s technical expert, and Chaim Edelstein, its chairman and the former chairman of Abraham & Straus.