Wholesale clothing portal Joor considers Asia as it raises $ 16 million
Joor Inc., which operates the online wholesale clothing market Joor, wants to help bring more fashion clothing brands from the United States and Europe to retailers in Asia.
From day one, we’ve been focused on simplifying the wholesale process for brands and retailers.
Kristin Savilia, CEO
And he gets a lot of help from Itochu Corp., a Japan-based “sogo shosha”, or a Japanese company that engages in a wide range of activities, including services and investments to promote international trade. .
Itochu announced today that it has invested $ 16 million in Joor, a New York-based online wholesale marketplace that connects more than 8,600 brands in 53 clothing categories with nearly 200,000 retailers in 144 countries. Participating brands include names such as Kering, Richemont, Saint Laurent, Kate Spade, Burberry and Free People; retailers who buy from Joor include Neiman Marcus, Bergdorf Goodman, Printemps and 24 Servres. Yoshihiro Fukushima, chief executive of Itochu, said in a statement that his company looked at “several other wholesale platforms” before determining that Joor offered the best technology and services to connect brands and retailers.
“Joor’s dominance in North America and Europe makes him the natural choice for expansion into the Japanese market,” he said.
The Series C funding brings Joor’s running total to $ 36 million. Other investors joining Itochu are former investors from Joor, Canaan Partners and Battery Ventures.
Joor, who operates the web at JoorAccess.com, claims to have processed $ 23 billion in gross merchandise volume since its inception in 2010. Joor notes that it processed 3.68 million transactions during that period, of which about half of the volume occurred in the past 12 months.
Joor is led by CEO Kristin Savilia, former market manager at XO Group Inc., the operator of e-commerce wedding, home and baby products The Knot, The Next and The Bump. “At Joor, from day one, we focused on simplifying the wholesale process for brands and retailers,” says Savilia, who is also a former merchandise buyer for Macy’s. “Our mission is to bring the industry together on one platform. The Itochu team supports this mission and we are delighted to have their expertise and support to enable Joor to grow in Asia.
The funding announcement today cites a report by global consultants McKinsey & Co. that estimates buyers in Japan spend about 3.6 trillion yen (about $ 33 billion) annually on luxury goods, a volume of projects McKinsey which will increase by 3% to 4% over the next two or three years.
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