London fashion tech business raises £15.7m
Fashion tech start-up business Threads Styling has raised £17.5 million in its latest funding drive.
The London-based company uses social media channels including Instagram, WhatsApp, Snapchat and WeChat to help its customers find luxury products and works closely with luxury fashion brands including Dior, Fendi and Chopard.
Threads' customer base is spread across 100 countries, and 70 per cent of those are under 35 years old.
The company is now looking to add 50 more employees to its 90-strong workforce and will expand internationally with new offices planned in New York and Hong Kong.
"I started the business because I believed that luxury retailers were ignoring my peers, the generation of shoppers under 40," said founder and CEO Sophie Hill.
"I believe the future of retail involves personalisation and chat. People want something that is akin to a retail experience but they want it through their mobiles and they want unparalleled convenience and availability."
Highland Europe and C Ventures participated in the investment round.
Clive Ng, co-founding partner of C Ventures, added: "We set up C Ventures to invest in companies that recognise the huge spending power of younger shoppers and also their preference for unique items and personalised content.
"Threads captures these trends into a game-changing luxury retail solution, with huge potential in Asia and other luxury markets."