HauteLook Get More Funding
The online fashion market is about to get busier. HauteLook, a members-only online sample sale site, closed a $31 million round of funding headed by Insight Venture Partners (they raised $10 million in funding last year). The company plans to use the money to attract new members, add new sales categories and amp up its social media and mobile platforms.
“People are paying attention to the flash sale space,” Adam Bernhard, HauteLook’s chief executive, told The New York Times. “We’re able to hit the accelerator and grow the business.
Giltt Groupe one of HauteLook’s main competitors, also received $35 million in funding last month and plans to use the money to fund new business initiatives. The two sites have comparable membership bases and boast similar designer names, such as Marc Jacobs and Oscar de la Renta.
Filed Under: Fashion
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