Fashion blog secures $2.1m from investors including luxury goods group Louis Vuitton Moët Hennessy
The Business of Fashion prepares for growth following £1.3m seed funding in a round led by Index Ventures
The Business of Fashion (BoF), a blog dedicated to the commercial side of the fashion industry, has raised $2.1m (£1.3m) in seed funding from a syndicate of investors.
The London-based blog, founded in 2007 by Imran Amed as a personal project, has been boosted by cash from funders including Louis Vuitton Moët Hennessy (LVMH), in a round led by Index Ventures.
Index, in particular, has a history of backing high-potential fashion sites, such as Net-a-Porter, ASOS, Etsy, and Nasty Gal, and was joined in the BoF deal by Ocado and Betfair-backer Samos Investments. Also involved in the transaction is Carmen Busquets, also a founding investor in Net-a-Porter, the company founded by Natalie Massenet, which sold in a deal valued at £350m to Swiss luxury goods company Richemont.
Bootstrapped by Amed, The Business of Fashion blog already attracts 150,000 users a month across more than 200 international territories, becoming known as an influential source for the fashion industry.
Following the deal, which sees tech and media investment firms Novel TMT Ventures and Advancit Capital also take a share, BoF plans to build upon the staff team and develop the technology platform.
The blog, which focuses on the business matters, such as fashion trends, is now hoping to see its high traffic of 800,000 users across multiple social network platforms convert to high profit.
Amed commented: “Today, BoF enters a new phase of growth, with a great group of investors to support us.
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“Each investor brings real strategic value to the table, and will be able to assist us in building a model for a next generation fashion media company suited for our increasingly global, digital and connected world.”
Partner at Index Ventures Robin Klein added that The Business of Fashion is vital to the fashion industry meeting the challenges and seizing the opportunities presented by the digital medium.
“BoF is founded on the principle that the highest quality information and content is as essential to the business of fashion as to the business of anything. Imran is a fantastic entrepreneur and we are looking forward to working with him as he continues to build this important next generation media company.”