The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
It will use the capital to increase inventory, acquire customers and hire staffers.
Lingerie e-retailer Adore Me has raised $8.5 million in a Series B funding round, it announced earlier this month. The money came from previous investor Redhills Ventures and new investors Upfront Ventures and Mousse Partners, it says.
“Mainly, we’re focusing on improving our designs, adding more of them, and hiring the right people to support our growing demand,” says Stephanie Falcon, vice president of brand marketing at Adore Me. “We’ve been furiously hiring great new customer care representatives, all based in our New York City office, with new representatives starting every week.”
The capital has allowed the retailer to hire Helen Mears, a former design director for competing lingerie brands Victoria’s Secret and Wacol-America, as its head of design, Falcon says. Adore Me announced Mears’ hire this week.
Adore Me is a subscription service that delivers a new underwear set to customers each month for $39.95. The company has been growing by 40% month over month since its launch in 2012, it says.
“When we saw the growth numbers combined with the quality of Adore Me’s products, we knew we had found a category killer,” says Yves Sisteron, founding partner at Upfront Ventures.
Adore Me says it expects the investment will help it to better compete with Victoria’s Secret in particular. Victoria’s Secret Direct & Bath and Body Works is No. 21 in the 2013 Top 500 Guide.