Jim Gold has been named CEO of luxury fashion e-tailer Moda Operandi. In January, the executive was named interim CEO of the company, but he will now be in the position longterm. Gold was formerly president and chief merchandising officer of Neiman Marcus Group. His appointment puts a concrete management team in place after Moda Operandi recently received a new round round of investment.
Moda is expecting to complete another investment round this month to better position the company. The latest investment round comes from new investors, including G Squared, and existing investors including New Enterprise Associates and Andrés Santo Domingo.
In a statement, Lauren Santo Domingo said, “I am more confident than ever in the opportunity ahead, now that the company has steady leadership and is adequately capitalized by a group of new and existing partners who share this company’s vision and values. Moda is an independent, highly curated luxury lifestyle marketplace for women, and a platform for discovery. Connecting new and established designers with luxury consumers is what makes Moda special and it’s what I am most passionate about. Moda’s brand is strong. With Jim’s deep knowledge of luxury retail, and with a renewed strategic commitment to what makes Moda special, I am confident we will succeed.”
In a statement, Gold said, “Moda has an incredibly talented team, the finest brand partners, global brand awareness, highly engaged luxury consumers and committed investors. I couldn’t be happier to be leading Moda with Lauren and help realize her original vision for this company. As the luxury market in the U.S. comes back, we are extremely well-positioned to serve the Moda customer in the months and years ahead and meet their pent-up demand for luxury goods and experiences.”
The luxury e-commerce space is becoming increasingly competitive. Companies including Farfetch, Ssense, Mytheresa, and Matchesfashion are all major power players competing for their share of the luxury e-commerce market. Online is considered the future of luxury retail, with major luxury conglomerates like Richemoent have formed business partnerships with Farfetch, a global marketplace for luxury fashion. Richemont’s investment in Farfetch clocked in at 1.1 billion dollars.