By Aimee Chanthadavong

Fashion online retailer The Iconic has appointed online executive Patrick Schmidt as CEO.

The former Groupon Australia co-founder and Groupon Latin America vice president joins the team in hope to lead the e-commerce retailer into making some profit – something that has yet to be achieved since the company’s establishment in 2011.

“I’m thrilled to be joining the fastest-growing online fashion retailer in Australia,” said Schmit who plans to focus on exceeding customer expectations and continual innovation.

“The Iconic has redefined shopping in Australia. This is a company with great people, a clear strategy to sustainable success, and a total commitment to delivering an unparalleled customer experience, supported by amazing products, great service and the latest technology.”

The Iconic co-founder Adam Jacobs will continue in his role as managing director.

“This is a very exciting time in The Iconic history,” he said.

“Just as we are celebrating our second anniversary, we are approaching one million orders being shipped. Bringing on a proven CEO like Patrick now is a real coup.”

According to a report by Crikey back in July, the company apparently made a whopping loss of $45 million during 17 months of operations and only generated $31 million in top-line sales.

Jacob jumping to the company’s defence told Crikey that it was only typical for an e-commerce retailer to take several years to reach profit.

“We are tracking against an accelerated timeframe and are confident that we will continue to meet our internal milestones and targets, just as we have done to date,” he said.

Meanwhile The Iconic continues to attract investor support. The latest $28 million was from family-owned Belgium investment company Verlinvest. This in addition to the $50 million-plus that was previously raised the company and other existing investors, which include J.P. Morgan and global e-commerce incubator Robert Internet.