FASHIOP, the men’s online style, and fashion start-up, announced on Tuesday it has raised €165,500 during a co-investment round led by PDG Angels, an investment club of IESE Business School alumni, and equity crowdfunding platform Crowdcube.
The company, which was founded in 2015 by Eduard Coves and Carlos Solana, has received support of IESE, La Salle Technova, Esade, and ACCIÓ, with the aim of facilitating men’s “fashion purchase” experience with an innovative online sale system. Users register on the website and a stylist contacts them to determine their fashion tastes and needs and proposes a selection of clothing and footwear which is home delivered at no cost. Users have five days to decide which items to keep or return (also at no additional cost).
Its business model is reportedly based on the successful Trunkclub in the USA, Outfittery in Germany or Enclothed in the UK. In its first nine months, FASHIOP notably tripled the revenue generated by Enclothed with receipts averaging €350, also much higher than the British company.
The company stated that funds from the funding round will be used to consolidate its business model and improve its sales technology, currently available all over Spain, except in the Canary Islands. PDG Angeles Invested €53,000 and an additional 71 private investors invested an average of €1,584 in the Barcelona-based startup.
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