New York, NY December 6, 2017 – Moda Operandi, the first online luxury retailer to provide consumers access to full collections straight from the runway, today announces the completion of $165 million in growth capital to fuel continued international growth and increased development across several key business verticals. The new round was co-led by Adrian Cheng (through his investment vehicles – C Ventures and K11 Investment), whose family businesses include Chow Tai Fook Jewellery, New World Development, Rosewood Hotel & Resorts and K11; and Apax Digital, a new growth capital fund advised by the global private equity firm Apax Partners. Existing investors include New Enterprise Associates, LVMH and Fidelity, among others.
This significant new round of funding confirms investors’ confidence in the continued global expansion of Moda Operandi’s unique business model, and will support the acceleration of its international business with particular focus in key markets including Asia and the Middle East. Since their last round of funding in 2014, the business has increased by more than 3.5x, with international markets now representing more than one-third of total demand as led by Asia and the Middle East. Expansion of Moda Operandi’s showroom concept and stylist program will aid in continued international growth as the high-touch client services complement the high-tech business approach.
Additionally, the new funds will be used for key categories expansion and the launch of new businesses. The funding will also accelerate improvements in mobile technology, advancements in customization, personalization, and internationalization. Lastly, the funding is to support Moda Operandi’s strategies across marketing, customer acquisition programs as well as further develop the existing brand portfolio and expand new brand relationships.
Speaking on the occasion of the announcement, Moda Operandi’s CEO, Deborah Nicodemus, said: “Moda Operandi is the only multi brand e-commerce site where the shopping experience is dedicated to elevating the brand’s digital presence. Our continued success demonstrates the strength of our business, and gives new and existing investors the confidence in our capacity to pursue tremendous global growth. We look forward to continuing the momentum behind the transformation of the online luxury experience for our global clients. Through the leadership of the Moda team, and the bench strength of our existing investors coupled with the new partnership of Adrian Cheng and Apax Digital, we are defining the future of luxury ecommerce.”
Dan O’Keefe, Managing Partner of the Apax Digital team, said: “We are delighted to partner with Moda to help accelerate this next phase of its growth. We have been so impressed with the power of Moda’s brand and its positioning in the luxury market. Our partnership further confirms our commitment to growth within the luxury digital arena. We believe our unique operating capabilities and global platform can help drive the business even further and accelerate its international presence.”
Adrian Cheng, Co-Founder of C Ventures and Founder of K11 Investment, said: “I am hugely excited about Moda Operandi as an investment prospect. Its business model is cutting edge, with a curated customer experience that has a lot of potential within C Ventures’ and K11 Investment’s networks of brands, which collides the worlds of fashion, creative media and art to service millennial consumer interests in the global market. I’m looking forward to seeing how the brand grows and taps into this big business opportunity.”
Launched in February 2011, Moda Operandi to date has raised over $132 million in funding ahead of this round.
About Moda Operandi
Moda Operandi is the only place to preorder looks straight from the unedited runway collections of the world’s top designers months before they are available anywhere else. But for those who just can’t wait, Moda Operandi’s Boutique offers an expertly curated selection of in-season items from both established and emerging designers, ready to ship now. In homage to the history of couture, Moda Operandi offers a bespoke shopping experience that includes unprecedented access to your favorite designers, hand selected recommendations from personal stylists, and access to haute couture. Moda Operandi has established a retail renaissance where the time-honored institution of luxury meets an innovative point of view on fashion. For more information visit www.modaoperandi.com.
About Adrian Cheng
Entrepreneur Adrian Cheng is the Founding Partner of C Ventures, a new investment fund focused on building a global ecosystem of Millennials and Gen Z-centred brands and platforms. Cheng also founded K11, a multi-faceted brand rooted in culture that pioneered the museum-retail concept. The Harvard Graduate is also the Executive Director of Chow Tai Fook Jewellery Group, the world’s largest jeweller with over 2,400 shops worldwide. Cheng is the Creative Advisor of arts video channel Nowness and has recently forged a collaboration with tech giant Tencent to expand its co-working space concept outside of Mainland China.
About Apax Digital
Apax Digital is a $1 billion fund raised in 2017 focused on minority and buyout investments in high-growth enterprise technology and internet companies globally. Advised by Apax Partners, a global private equity firm, Apax Digital’s investments are focused on subsectors where Apax Partners has expertise, including vertical software, data & analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce. For further information about Apax Digital, please visit http://digital.apax.com.
Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of $51 billion*. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax Partners, please visit http://apax.com.
* Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at 30 September 2017.
Christine Kapp | + 1 646.627.7281 | Christine.Kapp@modaoperandi.com
Apax Partners / Apax Digital
Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | firstname.lastname@example.org
USA Media: Todd Fogarty, Kekst | +1 212 521 4854 | email@example.com
UK Media: Matthew Goodman, Greenbrook | +44 20 7952 2000 | firstname.lastname@example.org