Streetwear mystery box start-up HEAT secures $5m funding from Antler and LVMH Luxury Ventures
Luxury streetwear mystery box start-up HEAT has announced it has received a $5m investment from venture capital firm Antler and LVMH Luxury Ventures, which will see the brand grow and implement gamification, AI-driven personalisation and interactive drops.
HEAT was founded in late 2019 by Joe Wilkinson and Mario Maher with a mission to deliver sustainable innovation in the fashion industry. Ready to be part of the solution, HEAT introduced the #HEATBOX, the world's first luxury fashion mystery box.
The new company was soon connecting shoppers globally with big brands, and HEAT has already partnered with 60-plus of the world’s leading luxury brands who share its vision for a sustainable, eco-friendly future including Off-White, Palm Angels, Amiri, Billionaire Boys Club and Casablanca.
Customers are provided with access to stock that is not often discounted, via a new, engaging and immersive way of shopping - mystery boxes through exclusive monthly drops that are ‘hyped’ beforehand online. The online monthly drops allow customers to buy the boxes on a first come first served basis, with boxes often selling out within minutes of going live. Shoppers also become part of the HEAT community, which provides style validation and discovery.
HEAT currently hosts an active 600,000-plus Gen-Z community and, since launch, HEAT has sold over 20,000 luxury mystery boxes, and more than 100,000 individual units of stock.
Joe Wilkinson, CEO of HEAT said: “HEAT is here to disrupt the traditional approach to luxury fashion. We’ll be using this investment to create innovative and immersive e-commerce experiences – implementing gamification, AI-driven personalisation, and interactive drops - all whilst driving sustainability. HEAT has created a shopping platform for a digital generation, and we are positioned to make an impact in this space.”
Martell Hardenberg, Partner at Antler, added: “We are sitting on one of the greatest opportunities in luxury retail with consumer behaviour changing dramatically over the coming years. HEAT has created a unique platform for consumers and brands alike to create a new shopping and selling experience, while protecting brand integrity. We are excited to back Joe and Mario's vision of driving luxury fashion towards more innovation and sustainability.”