Stylistpick Lands $11 Million Funding
20.05.12
London-based fashion e-commerce site Stylistpick has successfully landed $11 million (£7 million) in a second round of funding. It is a big vote of confidence in the 15-month-old start-up which has an unusual offering among European fashion sites, a subscription model.
“We are building a significant fashion brand,” said CEO Felix Leuschner, 29 years old, a serial entrepreneur originally from Frankfurt. “Our model is very new. Other companies, such as Netflix and Lovefilm, have done subscription models with digital products. We do it for fashion items.”
The model is based on the old-fashioned book club: pay a monthly fee of £39.95 to get access to an online showroom—tailored recommendations of shoes, bags and jewelry—from which they can chose an item. Members can skip a month’s subscription or cancel their membership at any time.
In late 2011 the company signed an exclusive deal with singer Cheryl Cole, who designs her own collections for the site.
Source: Wall Street Journal (blog)