Tamara Mellon nets $50 million in Series C funding
Luxury women's footwear brand Tamara Mellon has announced a $50 million round of Series C funding, bringing the brand’s total capital raised to $87 million.
London-based investment firm Centricus led the latest round, with participation from
existing investors, including NEA and Quadrille Capital.
In a press release, the brand said it will put the new capital towards manufacturing innovation, retail expansion, and continued investments in brand. In addition, Tamara Mellon plans to grow its team from 40 to 60 employees by the end of 2019.
The brand reported that it experienced strong growth in 2018, increasing sales by 136% year over year, 36% of which came from repeat customers. Tamara Mellon also had its first $1 million sales day in October 2018. The digitally-led brand saw mobile traffic grow to over 80%, and was one of the first luxury brands to integrate with Apple Business Chat.
“We are pleased to be supporting [Tamara Mellon] at this crucial stage of Tamara Mellon brand development,” said Centricus co-founder Nizar Al-Bassam.
“Centricus has made a number of recent investments in the luxury space, and we see an exciting opportunity to support [Tamara Mellon] in further developing the brand, channel and product strategy that harnesses insights from data science to unlock the brand’s significant growth potential.”
Tamara Mellon was founded in 2016 by Jill Layfield, Tania Spinelli, and Tamara Mellon, a co-founder of Jimmy Choo. In 2018, the brand announced the opening of its first ever brick-and-mortar location in Los Angeles. Since the beginning of 2019, the brand has expanded its offering beyond heels to include handbags and sneakers, two new categories.
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