There are currently no items in your cart
The Iconic Receives Further $28M in Funding
It appears that The Iconic’s fast-paced growth strategy is showing no sign of letting up, having just received a further $28 million in investment capital.
Today’s announcement comes after Rocket Internet, the Berlin-based holding company for Australian fashion pureplay, The Iconic, secured a further $28 million in addition to over $50 million previously raised for the brand.
The investment round was led by Verlinvest, a family-owned Belgian investment holding company with a global focus on consumer and retail operations. Existing shareholders, including Investment AB Kinnevik, a global investor with interests in Europe, South America, Africa and Asia-Pacific, and Summit Partners, a leading U.S. based growth equity firm, also participated in the fundraising, signaling investors’ confidence in the online retailer following a sustained period of growth.
Combined with previous investments, this funding round “completes the largest-ever investment into an Australian e-commerce venture” the company’s press statement reads. It is these large amounts of investment that has triggered some consternation from various industry pundits, as questions over The Iconic’s sustainability have been raised in recent weeks.
Other existing investors include J.P. Morgan, as well as the brand’s incubator and holding company, Rocket Internet.
“The Iconic management team has done an exceptional job of growing the company during the past year and we are happy to be investing in this great success story,” says Frédéric de Mevius, Founder and Chairman of Verlinvest. “We have been working towards this investment for some months now and are pleased to confirm our participation.”
“We are thrilled about the addition of a highly-respected investor in Verlinvest, and their vote of confidence in our performance and our strategy,” says Adam Jacobs, Co-founder and Managing Director at The Iconic. “This investment will allow us to further enhance our top range of local and international fashion brands, reinforce the convenience of our website, and build on our market- leading shipping and customer service.
“As a business we are focused on positioning ourselves for the future, and are delivering on our goals for long-term sustainable growth. We believe in the fast-growing Australian ecommerce industry and want to provide Australians with the best online fashion shop they can imagine,” Jacobs adds. “In only 18 months The Iconic has become Australia’s #1 fashion website with over four million visitors per month. We have been overwhelmed by the positive response of our customers to our shopping experience, and look forward to setting the benchmark in Australian online retail for years to come.”