GlamCorner Raises Seed Funding to Scale Online Designer Rental Service
Financing provided by AirTree Ventures will be used to expand the team, fund inventory growth and accelerate marketing efforts.
SYDNEY, 30/4/15 – GlamCorner (www.glamcorner.com.au), Australia’s leading online designer dress rental service, announced today that it has closed a Seed funding round from AirTree Ventures.
GlamCorner’s customers rent designer label dresses for special occasions and events at a fraction of the retail price, choosing from more than 500 dresses designed by the likes of Camilla, Tadashi Shoji and Badgley Mischka.
“Our goal is to provide our customers with a fast and affordable online solution to those ‘I have nothing to wear’ moments” says Co-Founder and CEO Dean Jones. “Where GlamCorner comes in is when it doesn’t make sense for women to purchase an item that they only plan to wear once”.
GlamCorner offers a try on service, provides prepaid express post satchels for return shipping and takes care of dry cleaning and minor repairs. “We’re focused on making the whole process hassle free. Our customers tend to be fashion forward yet time poor and want access to designer labels at a sensible price point for one-off events” says Jones.
AirTree Partner, Craig Blair commented, “The success of overseas designer rental players such as Rent the Runway demonstrate the potential of this business model. We felt that the GlamCorner team were doing it best here in Australia; they have thousands of customers nationwide, 3x the inventory and social following of their nearest competitors and have achieved impressive growth rates since their 2012 launch. The rental model taps into the sharing economy, providing customers with meaningfully better value and variety so GlamCorner is well placed to play a significant role in the $500 million online women’s clothing market in Australia” says Blair.
The Seed funding will be used to invest in technology, acquire more dresses to rent and build out a high quality team to support husband and wife co-founders Dean Jones and Audrey Khaing-Jones. “Execution is actually quite complex when compared with typical eCommerce businesses as the logistics piece is both outbound and inbound and there are some unique facets to the technology platform and customer experience” says Blair.
GlamCorner will also undertake a branding exercise in the coming months to ensure its brand image and attributes are aligned with its growing customer base. “We are fortunate to have a large organic component to our web and mobile traffic and a very loyal social following. In the coming months we plan to supplement this with more concerted paid marketing efforts” says Jones.
Co-founder and Product Manager Audrey Khaing-Jones notes “GlamCorner has a great stable of brands and we plan to add other in-demand Australian, international and emerging labels as well as increase the depth of our range across all size categories. We find that most designers love working with us as we help them reach women who aspire to wear their brands without compromising their brand equity. We think there is also potential for us to expand into segments such as bags and fashion accessories and bridesmaid dress rental. We want to be every Australian woman’s endless online wardrobe”.
GlamCorner is Australia’s leading online designer rental service; a fast-growing fashion forward eCommerce business with over 500 dresses from labels including Camilla, Tadashi Shoji and Badgley Mischka. GlamCorner’s vision is to become every Australian woman’s endless wardrobe.
GlamCorner customers can select up to three dresses, which are express posted to them as part of the try on service. Prepaid express post satchels are sent together with the dresses for ease of return and GlamCorner provides dry cleaning and any minor repairs to ensure all dresses are perfectly red carpet ready for the next customer.
GlamCorner was founded in 2012 by husband and wife team Audrey Khaing-Jones and Dean Jones, who met at the University of Sydney and pursued careers in financial planning and investment banking before making the leap into entrepreneurship. The company is headquartered in Alexandria, Sydney.
About Airtree Ventures
AirTree (www.airtreevc.com) is a $60m venture capital fund focused on seed through to growth stage investments in businesses that are disrupting traditional markets.
Daniel Petre and Craig Blair, co-founders of Airtree, have demonstrated a successful venture capital investment track record spanning over fifteen years and their involvement in two previous VC investment companies provided significant returns for investors and delivered value to founders and employees.
Craig Blair is a serial entrepreneur and investor who has spent the past fifteen years building and investing in some of the leading digital media and technology businesses in Australia and the UK including TravelSelect, Expedia Australia and most recently as CEO of Beamly and Chairman of Pet Circle.
Daniel Petre has spent more than thirty years in the technology industry in Australia and the US working as CEO of Microsoft in Australia and then as a Vice President at Microsoft’s U.S. campus as well as founding two of Australia’s most successful technology investment companies, Ecorp and netus.
Craig Blair is available for comment upon request.
For interview opportunities or images please contact Dean Jones via firstname.lastname@example.org or tel: +61 414 312 320