Joseph Altuzarra is entering a new chapter in his business.
The designer’s 16-year-old namesake women’s clothing brand said Tuesday it has received a minority investment from P180, a new venture capital fund led by Vince’s former CEO Brendan Hoffman and technology entrepreneur Kristin Hunsicker. It was announced on . Terms of the deal were not disclosed.
As part of the deal with P180, Altuzarra will transfer its e-commerce operations, including inventory management and returns processing, to software platform CaaStle, of which Mr. Hunsicker is CEO, as well as the rental of Altuzarra apparel, bags, bags and more. We also plan to add additional features. more. The goal is for Altuzarra’s e-commerce business to increase the brand’s overall profits.
Altuzarra, which received external funding for an undisclosed amount from fashion conglomerate Kering in 2013, is one of a growing number of luxury brands investing in direct sales channels. But while some brands are reducing their reliance on wholesale, transferring the e-commerce business to CaaStle will allow Altuzarra to focus on expanding its retail partnerships and further developing its assortment, Altuzarra said. said Shira Sue Karmi, Chief Executive Officer.
“In many ways, this feels like a really great partnership because as a team, we don’t have to worry as much about this part of the business,” Altuzarra said. “We were able to really focus on other aspects of the business, and for me, it allowed me to focus more on design.”
The 180 pesos will also help increase Altuzarra’s revenue. The company, which was founded in May and also invested in multi-brand retailer Elise Walker, is focusing on fashion brands and retailers as a downturn in luxury goods slows investment activity in the sector. Hoffman argues that P180’s approach helps portfolio companies reduce risk and chart a clear path to profitability by allowing them to use CaaStle to improve inventory planning.
“To create that value, we needed to bring a different perspective to the business,” says Hoffman. “We as an industry have been valuing inventory incorrectly… So we feel like we’re introducing a different toolset of technology and methodology that will make these brands and retailers more profitable. Masu.”
Altuzarra also aims to expand brand awareness beyond the P180 investment. Earlier this month, Joseph Altuzarra was named Victoria’s Secret’s exclusive designer and will design four ready-to-wear collections for the brand. Some of these items will appear at the Victoria’s Secret Fashion Show in New York City on Tuesday.
“Victoria’s Secret is a huge machine with incredible marketing power,” Altuzarra said. “This is great for Altuzarra because we are still growing and it is important that we continue to reach new consumers.”
