Madison Reed has raised $32.1 million since launching 15 months ago.
Web sales for CDON grew 67% in the first quarter.
Though its core markets remain Sweden, Norway, Denmark and Finland, CDON Group AB is now aiming to sell to online consumers in other parts of Europe.
CDON, No. 56 in the 2012 Internet Retailer Top 400 Europe is an e-retailer with web stores in apparel, accessories, sporting goods and related categories. The merchant is now expanding its online shoe store brand, Heppo, beyond the Nordic countries and into the Netherlands.
Heppo carries an online inventory of more than 300 shoe brands. “The Netherlands launch is an exciting opportunity for us to strengthen our presence in a very interesting market,” says CEO Paul Fischbein. “The Netherlands is an important country in the European e-retail economy and a market with a sustained high growth. We are confident that Heppo.nl has an attractive customer offering that is well suited for the market.”
CDON’s expansion into another European e-commerce market is the company’s second in recent months. In April CDON also expanded its Nelly online fashion brand to include the United Kingdom, Europe’s single largest business-to-consumer market. Nelly.com/uk carries more than 30 private-label apparel brands from various Scandinavian designers. The U.K. site for Nelly also gives shoppers local delivery options and the ability to pay for the purchase in English pounds.
“We have accelerated our investments in the fashion segment to position Nelly.com on the large and fast-growing European e-commerce market,” says Fischbein. “This is an investment in infrastructure that we will capitalize on in the future as it enables us to launch new local versions of Nelly.com on several new markets during the year.”
For the first quarter ended March 31, web sales increased year over year 67% to $134.9 million from $80.8 million.