E-commerce and online shopping is a huge challenge for fashion and luxury industries today. It’s an aggressive and growing online market and allows modern consumers convenience without minimising their brand.
This week, personal shopping start-up Thread completed a $8m series A funding round backed by big named investors from fashion and technology industries. Their portfolio of investors include fashion and tech heavyweights, such as Andrew Jennings, ex President of Saks Fifth Avenue, Sebastian Picardo, Chief Retail Officer at Lane Crawford, Maurice Helfgott, former Board Director at Marks & Spencer and Demis Hassabis and Mustafa Suleyman, co-founders of Google-owned DeepMind, an artificial intelligence startup. These funds will help grow Thread’s fast-growing consumer base, which is currently at 200,000 men in the UK.
The latest funding comes from venture capital company Balderton Capital, who are also investors in Yoox, the fashion e-commerce who recently merged with Net-A-Porter. Alongside this news, they announced Terry Betts arrival at Thread as Head of Business Development. Betts is part of the founding team at Mr. Porter and was most recently the Buying Director for Selfridges. As part of his role, he will expand Thread’s industry partnerships; these already include retailers such as Harvey Nichols, Liberty and Urban Outfitters and brands such as YMC, Folk, Oliver Spencer, and Jigsaw.
Thread’s business model is effective but simple – customers sign up to the website, fill out some details, including their favourite brands, prices and select particular clothing items they are interested in. From this, a personal stylist, who you can read up about, creates bespoke outfit suggestions. The products are available at the same prices as they are in store and the customer can place an order for home delivery with a simple return mechanism in place. Thread is a unique solution as it understands and serves an often forgotten target: the male clothes shopper.
Thread is committed to innovating the digital user experience and is the next generation of retail services, placing the consumer at the heart of their experience, simplifying the often complex world of fashion and making it easy to look good. We can’t wait to see how it transforms the industry and where it will go next.