Luxury shoe start-up Tamara Mellon just snagged $24 million

Tamara Mellon, the Italian-made direct-to-consumer shoe brand, simply snagged a $24 million Series B, bringing its overall quantity of capital raised to $37 million. Financiers appear to have actually been drawn in to the brand’s explosive growth. It’s sales in the very first half of 2018 are 3 times its sales during the very same duration in 2017. This financing round was led by NEA, with involvement from Quadrille Capital.

Tamara Mellon

Tamara Mellon cofounded Jimmy Choo with, well, Jimmy himself back in 1996. But in 2016, she chose to release her own eponymous luxury shoe brand. It wasn’t easy, though: When she aimed to go to high-end factories in Italy, she found that lots of refused to work with her, pointing out non-compete stipulations with the Jimmy Choo brand name.

Through persistence, she prevailed, and discovered factories that made shoes for other high-end brand names. Unlike other luxury brand names, Tamara Mellon has actually taken a digital-first approach. Shoes are readily available totally through the brand name’s site, and the company states that most of sales occur through mobile. As soon as a consumer has actually bought, they have access to a complimentary on-demand cobbler who can make any needed repairs from everyday wear and tear.

Mellon has ended up being an advocate of females’s rights, and has actually been particularly outspoken about the gender pay gap. Back when she was at Jimmy Choo, she discovered that she was making less then men that she had hired; her income as primary creative officer and cofounder was less than similar C-level positions held by guys.

“We are constructing a brand for females who desire more from a high-end brand name,” Mellon states, in a declaration. “… she wishes to align herself with a brand that defends females. The crossway of culture and commerce is reshaping the way brand names are built, and we’re thrilled to be a part of this shift.”

Source

https://www.fastcompany.com/40581360/luxury-shoe-startup-tamara-mellon-just-snagged-24-million?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss

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