Anine Bing closes 15 million dollar Series A financing
Sep 6, 2018
Womenswear label Anine Bing has confirmed that it closed a 15 million dollar Series A financing round in August led by Index Ventures, Greycroft Partners, and Felix Capital.
Founded in 2012 by husband and wife duo, Anine Bing, founder and chief creative officer, and Nicolai Nielsen, founder and chief executive officer, the womenswear label is inspired by Scandinavian simplicity and American energy, and aims to offer women wardrobe essentials and statement pieces.
The luxury fashion brand has aggressively accelerated sales and e-commerce traffic in recent years, and stated in a press release that it plans to use the new funding to continue international growth, as well as to expand their “thriving retail footprint” and has set themselves a target of doubling its business in 2019 through 2020.
The key investors, who have previously invested in companies including Farfetch, Glossier, Goop, and Trunk Club, kicked off Series A funding in 2016, and since the initial investment, Anine Bing reports that it has doubled revenue year-on-year and has seen notably new customer growth of 50 percent in June 2018.
In addition, the womenswear label has tripled its employee base, and added key hires including chief financial officer and vice president of e-commerce and growth.
Womenswear label Anine Bing receives investment to drive retail expansion
Commenting on the investment, Nicolai Nielsen, Anine Bing chief executive said in a press release: “We are excited for the significant opportunity to continue expanding and to bring Anine Bing to even more customers globally. This will allow us to communicate our brand identity to more women, creating a message that is relevant worldwide as well as reaching different markets.”
The womenswear brand will use the latest injection to fund continued retail expansion, digital growth, technology and analytics to drive consumer insights and decision making, and personnel, said the company.
In 2018, the company added a second store in New York’s Soho, with their second Los Angeles store slated to open in September. The brand is also planning to open two more stores in 2018 and several additional stores before the end of 2019, with a combination of international and domestic locations. Anine Bing currently has eight retail stores in West Hollywood (Los Angeles), Soho (New York), West Village (New York), Paris, London, Berlin, Barcelona, and Madrid.
“Anine Bing is a great illustration of what we are doing at Felix Capital, backing founders that build inspiring brands on top of engaged, authentic communities growing organically,” added Frederic Court of Felix Capital. “We are so impressed by how Anine and the team have built their next-generation brand and business into a unique lifestyle proposition, attracting significant customer love across both the US and EU. We look forward to leveraging the Felix network and know-how to help Anine Bing blossom into one of the defining brands for millennial women.”
Images: courtesy of Anine Bing