Done Deals: Resale Platform Archive Secures $15 Million in Series A Funding + More News
Dec. 6, 2022: Archive has secured $15 million in Series A funding. The round is led by Lightspeed Venture Partners with participation from Bain Capital Ventures, Fernbrook Capital, G9 Ventures, and several minority investors, and brings Archive’s total funding to over $24 million. In addition to the raise, Alex Taussig, partner at Lightspeed, will join the company’s board of directors. The resale company – which powers secondhand platforms for The North Face, 3.1 Philip Lim, Oscar de la Renta and more – said this fresh installment of capital comes less than a year after Archive’s seed financing and less than two years since the company launched. The funding will immediately support hiring across engineering and brand success teams to help Archive continue to scale its technology and integrations. It will also enable Archive to meet increasing demand from brands to incorporate resale into their businesses, and accelerate upcoming launches across North America and Europe.
Dec. 1, 2022: Digital Brands Group announced that it closed a $10 million public offering. The collective of luxury and lifestyle brands said it plans to use the proceeds of the offering to fund part of a cash repurchase price from an acquisition, to repay some debt and for general purposes. In April, Digital Brands Group said in a 10-K filing with the Securities and Exchange Commission that it could potentially seek “bankruptcy protection or other alternatives” if it fails to come up with funding to continue running the business.
Nov. 9, 2022: WHP Global has signed a long-term license with leading Chinese luxury fashion retail group YouXiang to market and distribute the Joseph Abboud brand in China across all channels of distribution including e-commerce, freestanding retail stores, shop-in-shops, and wholesale/franchise. The brand launch in Greater China, slated to begin in spring 2023, will include a full collection of men’s apparel, footwear, bags and luggage, and accessories. “We are looking forward to partnering with YouXiang as we focus on the expansion of Joseph Abboud’s reach through both international and digital channels,” Stanley Silverstein, chief commercial officer of WHP Global, which owns the Joseph Abboud brand, said in a statement. “YouXiang has successfully brought some of the best-known high-end fashion brands to China, making them the perfect partner to help us reach millions of consumers in one of the world’s fastest growing fashion markets.”
Nov. 7, 2022: The American Dream mall has secured four additional years of financing, which is set to expire in October of 2026. Mall owners and operators Triple Five Group announced the financing news, which was led by JPMorgan, on Monday. “American Dream’s success continues to grow with dramatically increasing traffic and spend at the complex”, said Don Ghermezian, president and CEO of American Dream. “We are pleased that our lenders, led by JP Morgan, share in our vision and recognize Triple Five and American Dream’s successful and impactful contribution to the global retail and entertainment landscape.”
Nov. 7, 2022: Gap Inc. has inked a new deal to sell its Greater China business to Baozun Inc., which will operate the company’s in-market site and stores under a franchise agreement. As a leading brand e-commerce solution provider and digital commerce enabler in China and a trusted partner of the company since 2018, Baozun has supported the expansion of Gap’s Greater China online business. The transition of the business to Baozun is expected to be complete by the first half of 2023 and until regulatory approvals and closing conditions are met. The news is the result of the strategic review the company announced it would make in Oct. 2020. This sale will allow Gap to serve the market through a more asset-light, cost-effective model and to benefit from the local and technology expertise of Baozun, the company said in a statement.
Nov. 7, 2022: Emerging outdoor footwear brand Holo has confirmed it has closed its Series A funding at $5 million, with a post money valuation of $22.5 million. At time of press Holo could not disclose the name of the private equity firm. What’s more, Holo confirmed it will launch its direct-to-consumer website on Nov. 15, the same day it will release its first running shoe, the Nephelea. The Nephelea, according to Holo, is made with sustainable materials, was created for athletes of all levels and retails for a more accessible price point of $100. The shoe will be sold exclusively via its DTC channel and at Nordstrom.
Nov. 1, 2022: Parsons School of Design has teamed up with Roblox Corporation on a new partnership that includes a course collaboration where students will create hyper-realistic and inclusive 3D digital apparel; and the unveiling of the 2022 Metaverse Fashion Trends report. The design course will be available to Parsons students for the spring 2023 semester, and equips students with the training and tools to prepare for the changing mediums and self-expression of the future. In this 16-week collaborative and production-driven course, students and faculty will begin to explore the intricate relationship between digital and physical fashion set in an immersive future. The curriculum is focused on researching and prototyping digital and physical fashion for immersive environments, which includes proof of concept prototypes that students will create on Roblox. Additionally, today the two partners unveiled their 2022 Metaverse Fashion Trends report, which offers timely research and analysis of trends in digital fashion and self-expression among Gen Z consumers who are active on Roblox.
Oct. 25, 2022: Sneaker rental platform Kyx has announced that it has secured new investments, and that it has also has a refreshed website, which now features a sleek, modern and more gender neutral look. The company stated it has secured additional investment from SeventySix Capital, which led the prior Seed round, as well as new investments from former NBA star Deron Williams, GSW Sports Ventures, Goodwater Capital and the a16z Scout Fund. The relaunch, Kyx said via statement, continues its goal to appeal to a wider audience outside of traditional sneakerheads by lowering the barrier of entry to limited-release footwear. Now, Kyx said members can expect a more seamless experience, such as its new Sneaker Tracker and its web-friendly currency Kyx Tokens that can be applied to purchase sneakers. What’s more, Kyx said it will introduce a new discounted pricing system to encourage users to buy the shoes after they’ve experienced them.
