- Kristopher Fraser |
11 Honoré, the plus-size luxury multi-brand retailer, has raised 10 million dollars for expansion and to grow its personal shopping service. The company's personal styling services seem to be one of the best opportunities for revenue growth at the company as personal stylists generate six figure sales individually. 11 Honoré is expected to have 12 full-time sales associates by the end of the year.
The investment, which included capital from Nordstrom Inc., will not only help 11 Honoré increase its workforce, but will also help build out logistics capabilities to improve customer service and distribution. The company's business model as it still stands is to offer women the same designer brands they see on the runway, but at the same prices in sizes 10 to 20+. Plus-sizes for luxury brands can often cost more money, which is obviously seen as unfair by consumers. The reason for the price increase is because production requires a separate pattern from straight size garments making it more expensive to produce.
To date, 11 Honoré now offers 90 brands. Last February they held their own runway show during New York Fashion Week featuring all plus-size models in luxury brands, a groundbreaking moment for the industry. Brands who are household names are also jumping at the chance to be part of 11 Honoré platform from Diane von Furstenburg to Dolce & Gabbana. Carolina Herrera is also planning to join the retailers roster of designers.
Last year, 11 Honoré raised 8 million dollars in Series A funding. Nordstrom has been key to 11 Honoré's growth as they have hosted trunk shows with the brand in addition to being an investor. With plus-size being one of the fastest growing markets in the United States, 11 Honoré's launch couldn't come at a better time, and the company appears to be poised for nothing but success.
Photo: via 11honore.com