SEATTLE, November 21, 2016 — Garmentory (garmentory.com), the leading e-commerce marketplace dedicated to independent boutiques and emerging fashion designers, announced today a $2 million round of investment led by MHS Capital. The financing will primarily be used to keep up with Garmentory’s rapid growth, which saw monthly sales increase by 500% in 2016. San Francisco-based Vijay Nagappan of MHS will join Garmentory’s board of directors.
“We invested in Garmentory because we see the opportunity to change the face of retail and this is the company to do it,” Nagappan remarked. “We love that this platform brings the community of boutiques and designers to the forefront while providing consumers a new and curated shopping experience.” MHS Capital is an early-stage investment fund dedicated to working with visionary founders building the next generation of category-defining companies. Their portfolio includes such companies as Indiegogo and Simply Measured.
The past year has seen a tremendous amount of growth for Garmentory as a global destination for young luxury and contemporary fashion. Developments have included personalized shopping feeds, expansion in lifestyle categories and unisex apparel, and the addition of 150 influential boutiques and designers to the community from the US and Canada.
The investment will be dedicated to new hires, supporting cross-platform innovation for personalization, and strengthening infrastructure for a unified in-store and online experience. Garmentory will also expand into menswear in early 2017.
“Retail is changing faster than most people realize. Customers want the experience of discovery, personal service, and community that independent boutiques are the very best in the world at providing. And they want it seamlessly in-store and online,” says Chief Executive Officer, John Scrofano. “Garmentory’s technology platform and curated network of boutiques and designers was the first step to creating the next generation of retail for the contemporary segment. We’re eager to take the next big steps enabled by this investment.”
About Garmentory
Founded in 2014 by Seattle-based product engineer Sunil Gowda and Vancouver-based boutique fashion entrepreneur Adele Tetangco, Garmentory began with a mission to support the #shopsmall movement and the people behind it. Today, we offer the leading edge of digital commerce to 350+ boutiques and designers shaping the future of young luxury and contemporary fashion.
http://www.garmentory.com/ @garmentory
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