Half a million for the fashion rent platform Drexcode by existing investors
Milan, November 12th, 2015 – Drexcode closed a second financing round with just over half a million Euros, confirming itself as an excellence in the emerging field of fashion rent. The transaction has involved all the current investors of the company, i.e. Innogest SGR and Ligurcapital venture capital funds, the investment holding active in venture capital LVenture Group (listed on the MTA Italian Equity Market ) and Fashion 22 (investment vehicle established by members of Italian Angels for Growth, led by Paola Bonomo and Paolo Marzetti) and follows a previous round completed in December 2014, bringing the total fundraising to about one million Euros.
Established in May 2014 by Federica Storace and Valeria Cambrea, entrepreneurs backed by more than a decade of experience in marketing, Drexcode is a luxury web boutique that provides a rental service of high-end women’s clothes designed for special occasions and events. In the age of sharing economy, Drexcode is an innovative business able to ensure its members an ever changing fashion experience at competitive prices.
«Drexcode wish to solve the problem of “What shall I wear?”, by giving the chance to choose from the most exclusive designer looks of the season. It is an extremely smart solution, loved by women evolved, modern and up with the times, who love fashion and still want to wear the latest trends. No more clothes worn only once and left unused in the closet, but always new couture garments to shine at every special occasion», said Federica Storace, co-founder and CEO of Drexcode.
«For brands in portfolio, Drexcode is a great opportunity to capture a female target, who thanks to the rental formula, choose to wear new labels of which often falls in love thus becoming customer», added Valeria Cambrea co-founder and sales manager
The success lies in the figures: Drexcode quickly grew from few hundreds of registered users in early 2015 to the current 30,000, showing an average monthly orders growth rate exceeding 30%. Among the most regular and “loyal” users, there are several entrepreneurs, managers and women in the world of entertainment, using the web platform to wear labeled looks, always changing in each worldly occasion. The audience is growing steadily, thanks to the expansion of the range of outfits available online. The purpose is to maintain a high positioning, capable of providing the users with more fashionable and exclusive solutions relating to the latest fashion collections, suitable for every occasion. The leading models of the current season of famous luxury brands such as Alberta Ferretti, Blumarine, Giambattista Valli, Moschino, Vera Wang, Rochas and many others, are available to subscribers.
The service is very easy: in order to get an outfit, just register on the website drexcode.com and choose the size of the dozens of proposals provided by the platform. It is possible to use the “try the outfit” service, which allows to try the dress beforehand at a price of twenty Euros, which will be deducted in the case of completion of the order, or it will be possible to ask for a second size for free. At the end of the rental period of four days, the withdrawal of the apparel is included in the price, as well as the insurance and all maintenance procedures, from the highly specialized laundry facility, to the tailoring one.
Enrico Mambelli, one of the most experienced Italian managers in the luxury and fashion field, who previously served as CEO of Gianfranco Ferrè in Milan and Cerruti 1881 in Paris, now advisor of International Funds for Fashion acquisitions, has been appointed as President of the company. Among the shareholders also stands Michela Piva, international expert of the luxury fashion industry and former CEO of leading luxury market brands.
«Drexcode is a far-sighted and ambitious blend of the Italian experience in the field of fashion and the innovation of an American model. I believe that the access to the fashion in Europe is close to a rapid evolution and Drexcode is well positioned to be among the top players which will seize this opportunity», said Enrico Mambelli President of Drexcode.
Trend of great success in the United States, where millions of women rent out luxury robes for their special occasions and events, the real challenge of Drexcode is that of developing a model with similar features, able to adapt to the European fashion market, very different in terms of consumption patterns, styles and relation with the brands. In this regard Italy, also thanks to the expertise in the field of fashion, within the Drexcode team, is a key asset for the European positioning of the company.
The new funding round will be used to strengthen the team by introducing strategic elements, within the digital marketing and development, with the main purpose to grow business volumes at national and European level.