The popularity of online shopping is encouraging new startups to jump onto the bandwagon. Style Saint is the latest online only luxury brand that has created a robust platform that provides content, community and commerce. Its business model has found new backers as it announced receiving $4.3 million in funding. This is their Series A round of funding which is led by General Catalyst Partners and e Ventures. The startup which has six full time employees at the moment has received $5.8 million in funding. Allison Beal and Brian Garrett, the co-founders of Style Saint also announced the launch of their first apparel collection for women which was financed by the first lot of Series A funding.
They Have Made Luxury Affordable by Cutting Out Some Traditional Costs
The promoters of the new venture are very clear about their objectives. They will produce luxury level, ethically manufactured clothing in the price range of $30 to $200. The idea is to make luxury affordable by cutting out some traditional cost of distribution and sale. The mentality of the buyers of fashion has undergone a change in the recent past. The consumers want to know where and how the apparels are being made. Style Saint is getting all its clothing made in Los Angeles at some of the best factories that produce some of the top brands like Rag & Bone, ALC and Maison Martin Margiela.
They Will Have to Innovate in Order to Compete With Rivals
StyleSaint has more than 110,000 subscribers to its content platform, 45,000 active content publishers on the site, and 438 “editors†who have the ability to add new images to the site. It is this community that generates the design ideas for Style Saint designers. The concept and the business model of Style Saint is not new as there are more established players like Everlane, Warby Parker, Cuvana and Basico in the field who are also working on the same concept. Style Saint will have to innovate if they want to consolidate their position in the market. They will have to leverage the technology to make their operations the most efficient in the market and grow rapidly. The startup is aiming big but only time will tell if they can convert their dream into reality.
Via: techcrunch
