Stylistpick.com, the subscription-based fashion retailer, today announced a $11 million Series B round of funding to grow the business in the UK and expand into additional markets.
It has attracted over 600,000 members since it launched a little over a year ago in November 2010 and saw quarter on quarter revenue triple in the final quarter of 2011.
The site combines personalisation with a subscription model, asking members to take a style quiz when registering that dictates the shoes, bags and accessories they are sent on the first of each month in the form of a personalised 'showroom'.
Members are categorised into one of six style profiles, each of which is shaped by celebrity stylist. StylistPick's fixed price range is £39.95, and the site has partnered with Cheryl Cole to provide an exclusive range at £79.90 to £119.85.
Payment details are stored, making it easy to purchase, but you can skip a month's subscription or cancel membership at any time.
StylistPick CEO Felix Leuschner said that the funding will allow the site to scale its operations and expand into new markets.
The investment comes from Fidelity Growth Partners Europe, with partner Davor Hebel joining the Stylistpick board. Existing investors Accel Partner and Index Ventures also took part.
Hebel highlighted that providing an affordable, bespoke service is core to the businesses' success.
The traction they have achieved in their first year of operation clearly demonstrates the strength of the consumer demand in the market and the quality of their product."
StylistPick combines many of the e-commerce trends we've seen become popular over the past few years; personalisation and a 'hand-picked' feel, the subscription model and support from editorial content in the form of styling tips.
This latest injection of funding should strengthen its position in the UK market, allowing the team to roll out its simple but successful model to other European countries.
Topshop recently launched its first two local language sites in French and German as a response to demand from shoppers.
Head of e-commerce Kate Walmsley added that France and Germany have consistently been in its top five international markets.
Creating localised sites was the logical next step to supporting these growing markets. Language is a known barrier to purchasing online, customers prefer to shop in their native tongue, and I'm delighted we can now offer our French and German shoppers the chance to do so."
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