Tamara Mellon raises 24 million dollars to “accelerate growth”

Luxury footwear brand Tamara Mellon has raised 24 million dollars in a Series B round of financing led by existing investors New Enterprise Associates with new investor, Quadrille Capital.

The Series B round of funding brings the total amount of capital raised by the luxury footwear brand ‘designed for women, by women’ to 37 million dollars.

In a statement, the brand said that the latest funding would help “accelerate business growth,” and that the funds would be used to expanding product assortment and the hiring of new employees. Prior to raising its Series B, the company had 18 employees, including its two female founders, Mellon and chief executive, Jill Layfield.

Mellon said in a statement: “We are building a brand for women who want more from a luxury brand. Our customer expects unparalleled design and superior construction at a better price. Most importantly, she wants to align herself with a brand that stands up for women. The intersection of culture and commerce is reshaping the way brands are built, and we’re thrilled to be a part of this shift.”

Tamara Mellon completes Series B round of funding

The luxury label has seen tremendous growth with its direct-to-consumer business model, which has seen the business grow 3x in the first half of 2017 versus the first half of 2018, that it states is largely down to mobile sales, and a “fiercely loyal customer base and social following”.

"With Tamara Mellon, you have a founder who built a billion-dollar company in the analog world and is now doing it in the digital world, completely upending the model," said Tony Florence, general partner and head of technology Investing at New Enterprise Associates in a press release. "The company embodies a new generation of consumer businesses that are using a direct-to-consumer approach to really understand and better serve their customers. We are really excited to continue partnering with this incredible team as they start to scale the business.”

The Tamara Mellon brand ignores the traditional rules of fashion, it ignores the fashion calendar and instead does monthly product drops, and by using a direct-to-consumer business model it eliminates the 6x retail markup. Its products are made in the best Italian factories, and the brand offers a complimentary cobbler service for two years after purchase as part of a commitment to reimagine luxury service.

Image: via Tamara Mellon Facebook