Less than two years into the business and Australia’s online fashion retailer The Iconic has raised another $25.2 million in funding from U.S equity investor Summit Partners.
Finn Haensel, The Iconic co-founder and managing director, told RetailBiz the funds will continue to help develop the company grow initiatives and expand its product offering.
“The money we will receive will mainly get into financing our growth and make that growth and our profitability plans even more ambitious,” he said
The company’s recent success has been underpinned by a relaunched website, a new print magazine and an expanded product range with new categories including kids, sports, surf and skate. They also attribute rapid growth on its customer service offering.
“We seek to invest in companies that build long-term value, and The Iconic has shown dynamic growth in a short period of time. We are thrilled to support The Iconic story and participate in Australian online retail,” Scott Collins, a managing director and head of the Summit Partners London office, said.
According Haensel, 2013 will the year that will see the launch of pure Men’s magazine in March, another website re-launch to feature additional interactive content, offering Melbourne its three hour delivery service as well as adding more brands to its range, such as Adidas.