Online luxury retailer Moda Operandi has secured $60 million in Series E funding. Fidelity Investments led the round with participation from investors that included New Enterprise Associates, Advanced Publications Inc, the parent company of Conde Nast, New Atlantic Ventures, LVMH and RRE Ventures.
NEW YORK, Feb. 13, 2015 /PRNewswire/ — Moda Operandi, the first online luxury retailer to provide consumers access to the full collections straight from the runway, today announced that it has closed a $60 million Series E financing. Boston-based asset manager Fidelity Investments led the investment round, with participation from existing shareholders including New Enterprise Associates and Advanced Publications, Inc., the parent company of Conde Nast. Other current shareholders include New Atlantic Ventures, LVMH and RRE Ventures.
“The continued success we have experienced demonstrates the strength of international luxury consumers and their demand for the exceptional assortment of product, access to brands, and runway collections that only Moda Operandi can provide,” said Moda Operandi CEO Deborah Nicodemus. “We are thrilled with the support our investors have shown us, and look forward to continuing to transform the online luxury shopping experience for our clients all over the world.”
“Moda Operandi’s disruptive business model and technology platform create a unique value proposition for both consumers as well as designers and brands,” said Tony Florence, General Partner at NEA. “It’s disrupting a massive global market that’s in the early innings of penetration online.”
“Moda Operandi works within the industry to give consumers unprecedented access to runway fashion and put the focus back on the designer,” said Lauren Santo Domingo, Moda Operandi Co-Founder. “We are changing the way people perceive and interact with the runway.”
Launched in February 2011, Moda Operandi to date has raised over $130 million in funding. This latest round of financing will be used toward growing the presence of the business in key markets like Europe, Asia and the Middle East, mobile technology, growing the loyalty program, customer acquisition, and developing new brand relationships.
“The Moda team has distinguished itself by laser focus on building and serving its extraordinary client base, empowering the most discerningly fashionable women globally with exclusive access to the top established and emerging designers,” said Andrew Siegel, Executive Vice President of Conde Nast parent Advance Publications, Inc.
About Moda Operandi
Moda Operandi is the only place to preorder looks straight from the unedited runway collections of the world’s top designers—months before they are available anywhere else. But for those who just can’t wait? Moda Operandi Boutique offers an expertly curated selection of in-season items from both established and emerging designers, ready to ship now. In homage to the history of couture, Moda Operandi offers a bespoke shopping experience that includes unprecedented access to your favorite designers and hand-selected recommendations from personal stylists. Moda Operandi has established a retail renaissance where the time-honored institution of luxury meets an innovative point of view on fashion. For more information visit www.modaoperandi.com