Moda Operandi secures new growth capital thanks to Adrian Cheng and Apax Digital
Moda Operandi is due to accelerate its expansion, thanks to newly secured growth capital. The American e-commerce fashion site, which was originally founded in 2011 as a platform for post-runway pre-orders, and has since completed its offer with a more conventional luxury e-shop, has secured 165 million dollars in funding. The new round of funding was co-led by two new investors: the billionaire entrepreneur and Hong Kong-native Adrian Cheng, through his two investment vehicles C Ventures and K11 Investment, and Apax Digital, run by the global private equity firm Apax Partners.
The brand, whose shareholders also include New Enterprise Associates, LVMH and Fidelity, stated in a release that the money will help to "fuel continued international growth and increased development across several key business verticals." The American brand is clearly hoping to accelerate its international growth, particularly in Asia and the Middle East.
Since its last recapitalization in 2014, the brand, which raised funding of 132 million dollars before this round, has seen its turnover multiply by 3.5, with international markets now representing a third of total demand, led by Asia and the Middle East.
For this reason, approaching Adrian Cheng, who is also executive director of Chow Tai Fook Jewellery Group, appears to have been a strategic move. As well as offering privileged access to the Chinese market, the 37-year-old entrepreneur has also launched the investment fund C Ventures, which aims to build a portfolio of brands and digital platforms catering specifically to Millennials and Generation Z, markets targeted by Moda Operandi.
The capital will also be used to launch new operations and expand the site's offer, while improving the brand's personalization and technological services, particularly its mobile tools. According to Moda Operandi, further plans for the funding include supporting the site's marketing strategies and customer acquistion programs, and developing its brand portfolio.
Copyright © 2023 FashionNetwork.com All rights reserved.