The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Live Current Media says sales at its health and beauty sites, mostly from Perfume.com, reached $9.27 million in 2008. However, fourth quarter e-commerce revenue dipped 2.7%.
Live Current Media Inc. says sales at its health and beauty sites, mostly from Perfume.com, reached $9.27 million in 2008, a 14.6% increase from 2007. However, fourth quarter e-commerce revenue dipped 2.7% to $3.60 million from $3.71 million in the last three months of 2007.
E-commerce revenue from the health and beauty sites represented 99.0% of company revenue in 2008, versus 94.3% in 2007. A significant decrease in online advertising revenue last year accounts for e-commerce taking a large share of company revenue, Live Current Media says.
The company reported a net loss of $10 million in 2008 compared with a loss of $2 million the prior year. The company has set a goal of being cash flow positive by the end of 2009. To accomplish that, it has laid off 38% of its work force, replaced president and chief operating officer Jonathan Ehrlich, frozen salaries and hiring, eliminated 2008 bonuses, and early this year sold two domain names outside of its core health and beauty area for $1.65 million.
“We are beginning to see some positive effects from the actions taken since the New Year and have recognized significant opportunities for both top-line growth and margin expansion in the core Perfume.com business,” says chairman and CEO Geoff Hampson. “Revenue from the Perfume.com business are flat to the same period last year but margins have increased. In addition, our domain advertising revenue is experiencing double-digit growth month-over-month.”
Perfume.com is No. 469 in the Internet Retailer Top 500 Guide.