Tamara Mellon, a luxury direct to consumer women’s footwear brand, slipped into a new round of funding as it continued to expand its online footprint.
The $50 million Series C financing is the largest to date for a female founded fashion brand, according to the company.
Centricus led this funding round, backed by Quadrille Capital and NEA. Tamara Mellon so far has raised $87 million in cume VC funds.
The brand is planning to use the new capital towards manufacturing innovation, retail expansion, and continued investments in its brand. The company also plans to grow its staff by the end of 2019,
“Tamara [Mellon] and I are thrilled to have Centricus join our impressive group of investors,” said brand co-founder Jill Layfield, in a statement. “They are a smart and thoughtful team with an incredibly important global perspective. We are also very grateful to our customers and employees who have been with us for an amazing two-and-a-half years, and can’t wait for what comes next.”
Repeat customers propelled the brand to a 136% sales gain last year. 36% of which came from repeat customers. It had its first $1M sales day in October 2018.
Centricus co-founder Nizar Al-Bassam adds: “Centricus has made a number of recent investments in the luxury space, and we see an exciting opportunity to support Tamara Mellon Brand in further developing the brand, channel and product strategy that harnesses insights from data science to unlock the brand’s significant growth potential.”
Tamara Mellon launched as a brick-and-mortar enterprise in Los Angeles and moved quickly to selling luxury women’s footwear online to women of various shoe sizes and tastes.