Online luxury fashion retailer Ssense is now worth more than $ 4 billion
Ssense obtained its very first external investment.
The online fashion platform announced today that it has received a minority investment from Sequoia Capital. With the funding, the Montreal-based company is now valued at over C $ 5 billion, or roughly $ 4.13 billion at the current exchange rate. It also marks the first round of external funding in its 18 years of existence.
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“Ssense was founded on the principles of defying convention and using our platform to amplify the voices that change the way we see the world,” said co-founder and CEO Rami Atallah. “We have found a like-minded partner who shares our belief in pushing the boundaries as we move forward in our next stages of growth. Together, I am convinced that we will strengthen the strategic, operational and technological foundations to achieve our bold aspirations.
According to Ssense, the proceeds from the transaction will be used to further accelerate its international growth strategy. As part of the investment, Angelica Cheung, venture capital partner of Sequoia Capital China and former editor-in-chief of Vogue China, will join Ssense’s board of directors – a move that suggests the e-trader is looking to double down. its expansion in China.
“Under the leadership of brothers Rami, Firas and Bassel Atallah, Ssense has grown into one of the leading online fashion platforms connecting brands with millennials and Gen Z consumers around the world,” added Neil Shen, manager of Sequoia Capital as well as founder and managing partner of Sequoia Capital China. “The partnership represents another solid step in our efforts to support the digitalization of the fashion industry, supporting visionary founders to transform and elevate the global fashion e-commerce experience to a new level. “
Founded as a digital marketplace in 2003 by the Atallah brothers, Ssense offers a mix of established and emerging luxury brands in womens and menswear, as well as home decor, pet accessories, beauty, technology and other categories. The private company said it generates an average of 100 million pageviews per month, with around 80% of its audience between 18 and 40 years old.
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