LOS ANGELES--(BUSINESS WIRE)--Tamara Mellon, the direct-to-consumer women’s luxury footwear brand, announced a $24 million Series B round of financing today. Led by existing investors New Enterprise Associates (NEA), with participation from a new investor, Quadrille Capital, the Series B round brings the total amount of capital raised to $37 million.
The company’s disruptive business model and strong performance has attracted tremendous investor interest, positioning Tamara Mellon to accelerate business growth following this latest round. The business grew 3x in the first half of 2017 versus the first half of 2018, is largely mobile, and has a fiercely loyal customer base and social following.
"With Tamara Mellon, you have a founder who built a billion-dollar company in the analog world and is now doing it in the digital world, completely upending the model," said Tony Florence, General Partner and Head of Technology Investing at NEA. "The company embodies a new generation of consumer businesses that are using a direct-to-consumer approach to really understand and better serve their customers. We are really excited to continue partnering with this incredible team as they start to scale the business."
The Series B funds will go to expanding product assortment and hiring new employees. Prior to raising its Series B, the company had 18 employees, including its two female founders, Mellon and CEO Jill Layfield.
Supporting women is paramount to the brand. Tamara Mellon co-founded Jimmy Choo in 1996. She then went on to launch her eponymous label in October 2016 as the first direct-to-consumer luxury women’s footwear brand, effectively disrupting the category she helped create 20 years ago.
Beyond being outspoken on women’s issues, the Tamara Mellon brand is well known for its unmatched craftsmanship and innovative design. Tamara Mellon produces its shoes in the best factories in Italy, and cuts out the 6x retail markup to offer the highest quality shoes at better prices. Customers are also able to send in their shoes for complimentary cobbler repairs, direct from their doorstep.
“We are building a brand for women who want more from a luxury brand,” Mellon says. “Our customer expects unparalleled design and superior construction at a better price. Most importantly, she wants to align herself with a brand that stands up for women. The intersection of culture and commerce is reshaping the way brands are built, and we’re thrilled to be a part of this shift.”
About Tamara Mellon
Tamara Mellon is a luxury footwear brand designed for women, by women. The brand is breaking all the traditional rules of fashion, eliminating the 6x retail markup by going direct-to-consumer, and ignoring the fashion calendar with monthly product drops. Tamara Mellon shoes are made in the best Italian factories, and the brand offers a complimentary cobbler service for two years after purchase as part of a commitment to reimagine luxury service. An outspoken advocate of women’s issues, Tamara Mellon is creating a community of like-minded, next-generation luxury consumers. To learn more, visit www.tamarmellon.com.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. To learn more, visit www.nea.com.