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Tamara Mellon raises funding for brand's expansion

Jun 20, 2019 United States
Tamara Mellon raises funding for brand's expansion
The co-founder of the Jimmy Choo brand has managed to secure funding to expand her namesake brand. Tamara Mellon raised 50 million US dollars for the expansion of the brand
According to a press release issued by the brand, Tamara Mellon will use the new capital towards manufacturing innovation, retail expansion and continued investments in brand. The company also plans to grow the team from 40 to 60 employees by the end of 2019, led by its founders Tamara Mellon and Jill Layfield.

"Tamara and I are thrilled to have Centricus join our impressive group of investors", commented Layfield, adding: "They are a smart and thoughtful team with an incredibly important global perspective. We are also very grateful to our customers and employees who have been with us for an amazing two-and-a-half years, and can't wait for what comes next."  

London-based investment firm Centricus leads the operation, which included investors like New Enterprise Associates and Quadrille Capital. Adding to existing funding, the brand already raised total capital of 87 million US dollars.

Tamara Mellon launched the brand in 2011 but filed for chapter 11 bankruptcy protection four years later. The brand was relaunched it as a direct-to-consumer brand a year later. Tamara Mellon experienced strong growth in 2018, increasing sales by 136% year over year, 36% of which came from repeat customers, and had its first 1 million US dollars sales day in October 2018. The digitally-led brand saw mobile traffic grow to over 80%, and was one of the first luxury brands to integrate with Apple Business Chat in a continued effort to further bridge the gap between luxury service and technology. To complement its portfolio of products, since the beginning of 2019, Tamara Mellon Brand launched two new categoreies, handbags and sneakers.

The company opened its first brick-and-mortar location in Los Angeles with an aim to reimagine the luxury footwear retail experience. To achieve such thing the brand modelled the store after a shoe closet, having each shoe style displayed in every size and presenting Instagram focused walls which customers can use to try on products at their own leisure.

Photo by Sharon McCutcheon on Unsplash

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