Online fashion brand, FashionNitty is becoming the most talked brand after achieving over 3.9 million pounds worth of sales in the first week of 2019.
The Fashion e-retailer FashionNitty raised $20 million from venture capital firms in 2018 and announced a worldwide global TV, Radio and Online campaign during the December month.
FahionNitty as is an online website and fashion brand that caters to shoppers in their 20s. It calls its clothes fashionable and affordable luxury — shoppers can buy a £196 champagne-colored maxi dress for a red carpet event for under £56. FashionNitty is an online website and apparel brand that caters to shoppers in their 20s.
It has “a couple hundred” million in sales and has been profitable since its first year.
A large part of FashionNitty’s brand’s success has rested on its social media prowess, fostering a loyal shopper base frequently reminded of the brand’s prevalence.
The FashionNitty culture includes a heavy reliance on data to help it more efficiently order clothes, sidestepping the burdensome costs of unused merchandise. In a market were many digitally native retailers, have watched their profitability drop as the initial buzz from social media and word of mouth, forcing them to put in more marketing dollars to compete with easily distracted internet shoppers. However, FashionNitty’s focus on growing its shopping base, rather than explosive growth, should help it avoid unexpected profitability cliffs, said Winter. It has a passionate following among those who know the brand but remains under the radar among a broader set.
Longer term, an IPO is on the table, though not likely to occur in the next twelve months.
“Companies at [FashionNitty] scale and that are growing and are as profitable as they have historically been are attractive IPO candidates. That’s something we will consider collectively, but we are certainly are in no hurry,” said Matt Conway, Vice President of GEDX Capital
Should the company take the public route, Conway pointed to U.K.-based online retailers Asos and Boohoo.com as public market reference points.
For more information on FashionNitty. Visit: www.fashionnitty.com