Balderton Capital has invested $9 million (£5.9 million) in the online retailer My-wardrobe.com.
Balderton Capital has invested $9 million (£5.9 million) in the online retailer My-wardrobe.com.
Launched in 2006 by Sarah Curran, My-wardrobe sells high-end designer clothes and accessories.
The backing by Balderton is the first private equity investment in the company, which has previously been supported by individuals including Nick Wheeler, the founder of shirt makers Charles Tyrwhitt. The funding will enable My-wardrobe to carry more brands and provide the working capital to hold bigger stocks of popular products and help it to expand into France and Germany, as well as increasing marketing through live events.
Curran comments: ‘In a time of difficulty, people do trade down from a premium brand to secondary or diffusion lines, but people do trade up too. Rather than buying disposable fashion pieces, they will make an investment.’
As part of the deal Balderton partner and former MD of Emap, Dharmash Mistry, will join the My-wardrobe board. Balderton will take an undisclosed stake in the business, but Curran will remain the majority shareholder.
