Otrium, the end-to-end marketplace for end-of-season fashion, recently announced raising $120 million in a series C funding, its US launch and the introduction of new capabilities aimed at reducing unsold fashion in the future. It also revealed that revenues have tripled in 2020, with its registered members surpassing 3 million, and it now has over 300 fashion stores on its app.
Among its partners are Karl Lagerfeld, Joseph, Anine Bing, Belstaff, Reiss and ASICS, the Amsterdam-based company said in a press release.Otrium, the end-to-end marketplace for end-of-season fashion, has announced raising $120 million in a series C funding, its US launch and the introduction of new capabilities to reduce unsold fashion. It also revealed that revenues have tripled in 2020, with its registered members surpassing 3 million, and it now has over 300 fashion stores on its app.#
The $120-million round was co-led by BOND and Index Ventures. Juliet de Baubigny, a general partner at BOND, will join Otrium’s board of directors.
The round also had continued participation from Eight Roads Ventures. The newly raised capital will accelerate US expansion, the development of Otrium’s technology platform and support hiring.
Otrium is working with the fashion industry to ensure that every item of clothing is worn, helping to find a buyer for every piece already produced, and providing the tools brands need to develop lines that they can have confidence will sell.
When selling end-of-season collections on Otrium, fashion houses retain full control over pricing, merchandising and visibility of their excess inventory. Around, 12 per cent of clothing produced stays unsold.
“Our goal is to get as close as possible to eradicating unsold seasonal inventory. Firstly, we help fashion brands find homes for clothing items that would otherwise remain unsold and maximise the revenue they generate on those items. Secondly, we leverage our in-depth analytics to help brands determine which clothing and at what quantities and price will sell the most in the future,” commented Milan Daniels, chief executive officer and co-founder of Otrium.
Otrium recently rolled out expanded analytics functionality which helps fashion houses analyse past demand to determine which items have staying power, potentially becoming iconic items for brands.
Fibre2Fashion News Desk (DS)
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