FASHIONPHILE (the "company"), the leading e-commerce company focused exclusively on pre-owned ultra-luxury handbags, watches and fine jewellry, announced that it has raised $38.5 million in Series B funding led by NewSpring Growth, the dedicated growth and expansion strategy of private equity firm NewSpring. This funding round follows FASHIONPHILE's minority investment from Neiman Marcus in April 2019, which resulted in the opening of the company’s studio drop-off locations in certain Neiman Marcus stores. DC Advisory was the exclusive financial advisor to FASHIONPHILE on both transactions.
Founded in 1999, FASHIONPHILE is the leading pre-owned ultra-luxury pioneer who ranked as one of the top ten searched fashion brands on Google in 2018. The company is known for its never-ending inventory of the most coveted handbags and accessories, a direct buyout model, and best-in-class authentication. Their innovative retail partnership with Neiman Marcus has accelerated the luxury lifecycle to a velocity unparalleled anywhere else in the world, bridging the primary and secondary market through FASHIONPHILE’s innovative e-commerce technology, proprietary pricing algorithm, and pioneering authentication platform.
This funding will drive operational and geographic scale, further expanding their omni-channel footprint and opening regional fulfillment centers both domestically and abroad. The funding will also drive advancement across the company's suite of proprietary technologies with a focus on enhanced automation and artificial intelligence including patent pending visual recognition technology.
"The DC Advisory team was an exceptional partner and delivered an outstanding result by exploring all alternatives and managing our transaction from inception to close."
"We were impressed by DC Advisory's tireless advocacy, knowledge and determination to get a successful deal done for the company. They generated a fantastic outcome in helping us find a new partner that will support us in our next stage of growth and success."