Fashion start-up Oliver Cabell has secured a $1.2 million seed investment from a technology entrepreneur.
The entrepreneur is Michael Chambers. He has investments across a wide-range of sectors, and his background is in biologics.
Scott Gabrielson, the fashion brand’s founder, said the new capital raise would be used to “expand into footwear, launching our initial sneaker collection in early November.” The targeted launch date is Nov. 14. Gabrielson said the company also plans to release new shoe styles via a “drop of the week” model, in which one new shoe style is added to the site each week after the sneaker line becomes available.
Gabrielson, who has a background in investment banking and venture capital, founded the brand in 2015 on the premise that designing in-house, working directly with Italian factories and selling online would allow it to produce high-end luxury accessories goods at a far low price point. The company’s business model cuts out brokers and middlemen. The site’s Logan Backpack sells for $240, compared with an estimated traditional retail price of $1,320, while a Kennedy Weekender duffel bag is $285, compared with an estimated tradition retail price of $1,695.
Many of the brands shoppers are younger consumers, who appear to be shifting their dollars from megabrands to new brands they can resonate with. And Oliver Cabell relies on its pricing and sourcing transparency model as a point of differentiation when compared with its competitors.
According to Gabrielson, the company has plans to expand its bag and leather goods offerings down the road after it gets its footwear category off the ground.