New York – FASHIONPHILE announced earlier this week that it has raised 38.5 million dollars in Series B funding led by NewSpring Growth, the dedicated growth and expansion strategy of private equity firm NewSpring.
"Over the past 20 years we've developed the largest luxury inventory in the industry, created cutting edge recommerce technology, and have led the way in authentication excellence. We're now excited to put the funds from this raise to work to increase awareness and introduce more luxury shoppers to FASHIONPHILE and the joys and benefits of the circular economy," says FASHIONPHILE's CEO Ben Hemminger.
New funding will boost Fashionphile’s omni-channel strategy with a focus in AI and automation
This funding will drive operational and geographic scale, further expanding their omnichannel footprint and opening regional fulfillment centers both domestically and abroad. The funding will also drive advancement across FASHIONPHILE's suite of proprietary technologies with a focus on enhanced automation and artificial intelligence including patent-pending visual recognition technology.
"As the demand for sustainable fashion continues to balloon, we believe resale is driving the future of retail. It's our goal to bring scale and state-of-the-art technology to secondhand shopping and ultimately draw more consumers into the circular economy," highlights says Founder and President, Sarah Davis.
"Recommerce is growing exponentially, and with FASHIONPHILE's one-of-a-kind technology and decades of experience with designer goods, it is a perfect fit for NewSpring Growth," said Hart Callahan, NewSpring Principal, when commenting their investment. "We are excited to see FASHIONPHILE continue to lead the luxury category in the secondary market."
This funding round follows Neiman Marcus' minority investment in the Company in April 2019, and has since opened FASHIONPHILE Selling Studios in four of its stores across the country.
Image:Fashionphile’s official e-commerce site