Online luxury jewelry brand Menē raises $21 million in growth capital
Online luxury jewelry label Menē announced on Thursday that it has raised $21 million in growth capital in a funding round that consisted of investors in Canada, Europe, Asia and the US.
Founded by Roy Sebag and Diana W. Picasso, Menē is the first online 24-karat luxury jewelry brand that offers gold and platinum investment jewelry direct-to-consumer in some 90 countries. The founders started the label to restore the ancient tradition of jewelry and combine it with new technology.
Menē operates design, manufacturing, software engineering, marketing and distribution all in-house, as well as its own fulfillment center with The Brink’s Company. The jewelry brand launched its online platform on November 15, 2017 under an invitation-only beta and with a limited inventory.
Prior to this investment round, Menē raised seed capital from its founders and Goldmoney Inc., which maintains a 32% equity ownership stake. This new round will allow the company to expand its manufacturing and distribution infrastructure and customer acquisition programs in both online and offline channels.
Menē will also unveil in early 2018 its offline business model that will convert foot traffic into online shoppers.
"I am honored by the overwhelmingly positive support our investors provided as we went to market to raise the first outside funding for Menē. Of all the companies in my personal portfolio, I am most excited about Menē's ability to restore the relationship between luxury and investment," said Menē Inc. CEO Roy Sebag.
"I'm looking forward to the great sociocultural experiment that is about to unfold, as we will hopefully prove that 24 karat jewelry can be an investment asset while simultaneously exemplifying the emotional and atemporal intangibility universally found in the exceptional craftsmanship and beauty of luxury jewelry."
In addition to announcing its new funding, Menē announced that Anja Rubik has joined the label as an investor, creative advisor, and the face of the brand for its latest advertorial campaign along with Andres Velencoso.
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