My-Wardrobe, an online retailer of "accessible designer fashion," raised a $9 million Series A investment round led by Balderton Capital, and supported by existing angel investors.
Dharmash Mistry of Balderton Capital is to join the company's board of directors.
Launched in April 2006, My-Wardrobe is an elegantly designed Web service wholly dedicated to the sale of "accessible luxury" menswear and womenswear. The UK-based retailer currently carries 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.
Over 800,000 visitors go to My-Wardrobe each month, up 110% from the year before.
"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," says Mistry.
Indeed, the luxury and designer fashion market is very attractive right now, buzzing with competition from the likes of Gilt Groupe and HauteLook, two companies that offer fashion and luxury lifestyle brands at specially reduced sale prices for members.
My-Wardrobe sets itself apart in two ways. First and foremost, it isn't a private, members-only affair. It actually functions more like your traditional online retailer. Secondly, the site sells exclusively clothing and accessories. Nevertheless, it remains clear that there lies big money in bringing luxury items to a wider customer base.
The new venture capital will allow My-Wardrobe to add more premium brands while expanding internationally.