CARLSBAD, Calif., Aug. 28, 2020 /PRNewswire/ -- FASHIONPHILE, the leading pre-owned e-commerce company focused exclusively on ultra-luxury handbags, watches and fine jewelry, has today announced that it has raised $38.5 million in Series B funding led by NewSpring Growth, the dedicated growth and expansion strategy of private equity firm NewSpring. This funding round follows Neiman Marcus' minority investment in the Company in April 2019, and has since opened FASHIONPHILE Selling Studios in four of its stores across the country.
Founded in 1999, FASHIONPHILE is the leading pre-owned ultra-luxury pioneer who ranked as one of the top ten searched fashion brands on Google in 2018. FASHIONPHILE is known for its never-ending inventory of the most coveted handbags and accessories, a direct buyout model, and best-in-class authentication. Their innovative retail partnership with Neiman Marcus has accelerated the luxury lifecycle to a velocity unparalleled anywhere else in the world, bridging the primary and secondary market through FASHIONPHILE's innovative recommerce technology, proprietary pricing algorithm, and pioneering authentication platform.
This funding will drive operational and geographic scale, further expanding their omnichannel footprint and opening regional fulfillment centers both domestically and abroad. The funding will also drive advancement across FASHIONPHILE's suite of proprietary technologies with a focus on enhanced automation and artificial intelligence including patent pending visual recognition technology.
"Over the past 20 years we've developed the largest luxury inventory in the industry, created cutting edge recommerce technology, and have led the way in authentication excellence. We're now excited to put the funds from this raise to work to increase awareness and introduce more luxury shoppers to FASHIONPHILE and the joys and benefits of the circular economy," says FASHIONPHILE's CEO Ben Hemminger
"As the demand for sustainable fashion continues to balloon, we believe resale is driving the future of retail. It's our goal to bring scale and state-of-the-art technology to secondhand shopping and ultimately draw more consumers into the circular economy," says Founder and President, Sarah Davis.
"Recommerce is growing exponentially, and with FASHIONPHILE's one-of-a-kind technology and decades of experience with designer goods, it is a perfect fit for NewSpring Growth," said Hart Callahan, NewSpring Principal. "We are excited to see FASHIONPHILE continue to lead the luxury category in the secondary market."
ABOUT FASHIONPHILE: Founded in 1999, FASHIONPHILE is the leader in buying and selling ultra-luxury pre-owned handbags and accessories online. The recommerce pioneer ranked as one of the most searched fashion brands on Google in 2018 and is known for its never-ending inventory of the most coveted handbags, a direct buyout model, and best-in-class authentication.
ABOUT NEWSPRING: NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.