Anine Bing completes $15m Series A funding round
Global luxury womenswear brand Anine Bing has closed a $15m Series A funding with equal participation from Index Ventures, Greycroft Partners and Felix Capital, who also back businesses such as Farfetch, Glossier and goop.
The investors kicked off Series A funding in 2016 and since the initial investment, the brand has doubled revenue year on year, with web traffic growing in line. In June 2018, the business increased its customer base by 50%.
Felix Capital's Frederic Court managing parter at Felix Capital said the brand was "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.”
“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,” Court added.
The 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. In 2018, the company added a second store in New York’s Soho neighborhood, with its second Los Angeles store slated to open at the imminent Rick Caruso complex in the Pacific Palisades neighborhood in September.
It already has eight retail stores in: West Hollywood (Los Angeles), Soho (NYC), West Village (NYC), Paris, London, Berlin, Barcelona, and Madrid. It is planning to open several more by the end of 2019.
Founded by Anine Bing and her husband Nicolai Nielsen in 2012, Anine Bing is inspired by "Scandinavian simplicity and American energy". It merges retail and e-commerce into one marketing strategy and takes a "see now, buy now" approach to fashion with shorter production times and immediate selling to consumers.
"As a female founder, I want to create a brand that empowers women," said Bing. "At Anine Bing, we're a company for women run mostly by women and that structure and ethos is woven into everything we do. I'm excited to continue building a platform and brand that supports all women and encourages individuality and authenticity."