Haute Hijab announces USD 2.3 million seed round
Feb 11, 2019
As modest fashion rises, fashion companies catering for Muslims are catching the eye of investors more and more. Haute Hijab, a direct-to-consumer brand from New York, has just raised 2.3 million US dollars in a financing round led by Cue Ball with participation of Ludlow Ventures, Sinai Ventures, Maveron, Muse Capital, AngelList, and The Helm.
”We are pleased to welcome a new group of investors as partners in our mission to empower Muslim women”, said co-founder and CEO Melanie Elturk in a statement. “Haute Hijab is entering an exciting phase of growth and innovation. We look forward to using this capital infusion to build the first digital-native Muslim cultural lifestyle brand across the globe”.
Considering the Muslim population is forecasted to grow by 73 percent in the next four decades -- more than double the general rate of growth -- it is indeed a wise decision for investors to put their money on companies serving this community. By 2050, there will be 2.8 billion Muslims globally, more than a quarter of the world’s population, according to Pew Research Center.
“Haute Hijab aims to be the first global hijab brand that Muslim women can rely on, after previously purchasing commodity-quality hijabs from informal retailers across the globe or retrofitting simple scarves from fast fashion retailers”, said Elturk, noting that the average Muslim woman wears up to four hijabs per day and owns over 100 hijabs in total. The company was founded in 2010, but caught the attention of publications like Elle, Glamour and Vogue Arabia after launching a luxury collection in 2018.
Photo: Haute Hijab Facebook