The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Otrium, an online outlet store for fashion brands, said on Wednesday it had raised $120 million from investors as it launches in the United States and develops its platform for trading items left unsold at the end of the season.
Amsterdam-based Otrium said that its revenues had tripled in 2020, while its registered members topped 3 million and it has over 300 fashion stores on its app. Its partners include Karl Lagerfeld, Joseph, Anine Bing, Belstaff, Reiss and ASICS.
“Our goal is to get as close as possible to eradicating unsold seasonal inventory,” said Milan Daniels, CEO and co-founder of Otrium.
The Series C investment round was led by BOND and Index Ventures, with continued backing from existing investor Eight Roads Ventures, Otrium said in a statement.
By Douglas Busvine; Editing by Susan Fenton
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.