The Iconic Raises Around $26 Million
Online Australian fashion retail startup The Iconic has raised AU$28m ($26 million U.S.) in their latest round of funding. The company has raised a total of AU$78 million ($71.8 million U.S.). Some of The Iconic’s previous investors include JPMorgan and Rocket Internet. The latest round is from Belgian investment holding firm Verlinvest. AB Kinnevik and Summit Partners also participated in this round.
“As a business we are focused on positioning ourselves for the future, and are delivering on our goals for long-term sustainable growth. We believe in the fast growing Australian ecommerce industry and want to provide Australians with the best online fashion shop they can imagine,” stated The Iconic co-founder Adam Jacobs. “In only 18 months The Iconic has become Australia’s #1 fashion website with over 4m visitors per month. We have been overwhelmed by the positive response of our customers to our shopping experience, and look forward to setting the benchmark in Australian online retail for years to come.”
The Iconic recently had to lay off 10% of their 300 staff members. The company offers a choice from 500 and 45,000 products. The Iconic offers free returns and delivery plus three-hour delivery for certain places in Australia.
The Iconic plans on using the funding to expand their range of brands and to build out their website. They will also improve their shipping and customer service.
The Iconic receives over 4 million visitors per month. The company is now the number one Australian fashion website in the past 18 months. Between August 2011 and December 2012, the company generated AU$30.6 million at a loss of over AU$44.7 million. It is common for startups to run at a loss for the first years of their operations though.