My-Wardrobe.com Raises $9 Million

My-wardrobe.com, a British online retailer of “accessible luxury” designer fashions, has raised $9 million in Series A funding led by Baldterton Capital.

PRESS RELEASE

my-wardrobe.com, the UK’s leading online retailer of ‘accessible luxury’ designer fashion, has today announced a $9 million Series A investment round led by Balderton Capital, one of Europe’s leading venture capital firms. This is the first institutional investment in the company and Balderton Capital leads the funding round, supported by existing angel investors.

Launched in April 2006, my-wardrobe.com has become one of the UK’s most talked-about and successful online shopping destinations and one of the fastest growing ecommerce businesses, with 100% revenue growth in recent years. The site offers ‘accessible luxury’ womenswear and menswear ranges from over 180 of the world’s leading designer brands including Polo Ralph Lauren, Anya Hindmarch, Mulberry, D&G, 3.1 Phillip Lim and By Malene Birger.

The development capital raised will enable the company to boost its growth trajectory by continuing to add premium brands and significantly enhance the product offer, customer experience and marketing channels while driving expansion into key international markets. my-wardrobe.com attracts over 800,000 visitors to the site every month, up 110 per cent from last year, and was the first e-tailer to launch click-to-buy video content with the award-winning my-tv. The company has 85 employees based across the central London and Nottingham offices.

Dharmash Mistry, Partner at Balderton Capital, will join the Board of Directors. Dharmash has an impressive track record of acquiring and developing global businesses in the media, retail and consumer sectors and his expertise will help drive the substantial international growth my-wardrobe.com targets over the next five years. Mistry joins existing board members: Nick Wheeler, CEO of Charles Tyrwhitt; Carol Duncumb, former Intimas CEO; Jean-Marc Bouhelier, Executive Chairman of my-wardrobe.com; and founder and CEO Sarah Curran.

my-wardrobe.com founder and CEO Sarah Curran said: “We’ve had an extremely positive reaction from the investment community during this fund-raising process and we are delighted to be working with Balderton as our investment partner. Balderton brings extensive e-commerce experience, which will be invaluable as we continue the rapid growth that the business has shown to date.

“We have extremely ambitious expectations for my-wardrobe.com and this investment will allow us to improve our portfolio of designer brands and product categories, improving the overall customer experience. Through investment in both offline and online marketing channels, we plan to accelerate the global expansion of the business over the next five years.”

Dharmash Mistry, Partner at Balderton Capital, said: “my-wardrobe.com has built a strong brand in the online retail sector as a leading retailer of ‘accessible luxury’ clothing and accessories – a very attractive market that is highly scalable and set to grow further.

“The company has a dynamic and experienced management team, led by founder Sarah Curran, and an impressive track record. Sarah is also backed by a board that features a number of retail specialists and we look forward to working with her as she builds the business further into overseas markets and leads her team through the next stage of the company’s development.”