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Sydney-based rental designer clothing platform GlamCorner has raised AU$12 million (US$8.42 million) in a Series B funding round. The cash injection will be used to expand the company’s operations in a number of areas, from developing an app to sizing up its fulfilment centres by five-fold. It comes in the midst of the continuing rise of the rental sector and the wider sustainable fashion industry, driven by consumers who are increasingly aware of their fashion footprint.
GlamCorner’s US$8.42 million Series B was led by family-owned responsible investment firm Treis, with participation from existing investors Airtree Ventures, Giant Leap Fund, Marshall Investments and Silicon Valley’s Partners For Growth. New investors in the round include Peter Gammell and MediaCap Fund, bringing GlamCorner’s total investment to date up to an estimated US$12.6 million.
Our $12 million Series B marks an important milestone on our mission to revolutionise the way fashion is consumed and we’re proud of the truly meaningful and positive contribution our company and team are making towards achieving this.Dean Jones, Co-Founder & CEO of GlamCorner
The Sydney-based rental fashion company says that the capital will enable the development of an app, improve its fulfillment automation system and move into a fulfillment centre that is five-times larger than its current site.
It will also help fund a major expansion in GlamCorner’s inventory, from its current 28,000 pieces of designer dresses, gowns, playsuits, jumpsuits, jackets and accessories to more than 60,000. Furthermore, GlamCorner says that it will be adding new product lines and brands and step up its laundry and logistics services. It currently offers shoppers in Australia access to leading upmarket fashion brands through multiple models, from a monthly subscription box delivered nationwide to one-time leases and special pop-up stores, including in Woolworths-owned department store giant David Jones.
“Our $12 million Series B marks an important milestone on our mission to revolutionise the way fashion is consumed and we’re proud of the truly meaningful and positive contribution our company and team are making towards achieving this,” said Dean Jones, co-founder and CEO of GlamCorner, in a social media post.
“We were looking for partner[s] that can help us unlock our impact,” added co-founder and COO Audrey Khaing-Jones. “Our vision has always been to be every Australian woman’s endless online wardrobe. This capital will lead to a meaningful lift in our operational capability.”
Our vision has always been to be every Australian woman’s endless online wardrobe. This capital will lead to a meaningful lift in our operational capability.Audrey Khaing-Jones, Co-Founder & COO of GlamCorner
Other rental and circular fashion platforms have managed to attract strong investment as well, even in the midst of the pandemic, indicative of the growing consumer demand for more sustainable options. In May, preloved and rental handbag platform Rebag raised US$15 million, while French resale platform Vestiaire Collective closed a US$64 million funding round in the month before, ahead of its Asia-focused expansion.
Some mainstream brands hoping to retain customers have shifted their existing strategy by incorporating circular models. Cash-strapped retailer Gap has tapped into the trend by partnering with secondhand platform thredUp, Asian e-commerce giant Zalora now offers customers preloved goods and fast fashion major H&M has launched a three-pronged rental, retail and recycle service in its Stockholm flagship store.
Lead image courtesy of GlamCorner.