After over four years in business, NYC-based Moda Operandi continues to grind its way past a crowded online luxury clothing retail market. The high-end clothing retailer recently secured a $60 million Series E round led by Fidelity Investments and joined by return backers New Enterprise Associates (NEA) and Advance Publications. Reston-based New Atlantic Ventures (NAV) is an existing shareholder.
“Moda Operandi's disruptive business model and technology platform create a unique value proposition for both consumers as well as designers and brands,” said NEA General Partner Tony Florence in a press release, “it’s disrupting a massive global market that's in the early innings of penetration online.”
The latest round of financing will be used toward “growing the presence of the business in key markets like Europe, Asia and the Middle East, mobile technology, growing the loyalty program, customer acquisition, and developing new brand relationships,” according to a press release.
Florence and NAV’s Thanasis Delistathis are both on the company's board. Florence is involved in a number of NEA's venture growth equity portfolio companies and has led the firm's investments in consumer internet companies like Gilt Groupe, Quidsi (Diapers.com), and Casper. He also serves on the board of local companies Cvent and Everfi. Delistathis has a strong background in e-commerce and currently serves as a board member for companies like Scoutmob, Zerve Inc. and Bambeco.
Moda Operandi markets itself as an exclusive parter of various first-rate clothing designers, the website offers preorder looks straight from unedited runway collections months before they are available elsewhere. Launched in February 2011, Moda Operandi has raised over $130 million in funding since being founded. Cofounder and Creative Director Lauren Santo Domingo built early partnerships with designers like Alexander Wang and Valentino, to establish her brand.
