Indie ecommerce portal Miinto is closing its UK and Republic of Ireland operation less than a year after it launched.
The platform, which offers an online sales outlet for indie fashion retailers, said its failure to secure further venture capitalist funding meant it could not continue in these territories.
Group chief executive Morten Larsen told Drapers: “Our business model is based on volume sales and slim margins, and to grow it requires huge capital commitments over an extended period.
“The group has not been successful in agreeing on the terms for the funding needed to continue growing in the UK.”
All of the stores signed up to Miinto were informed of the closure on March 27, a day after it stopped taking orders. Miinto said it would meet its financial commitments to all boutiques which have fulfilled orders, and consumers will be able to return goods for up to 14 days.
The company employed 17 people across its UK and Ireland business, all of whom have been made redundant.
It will continue to operate in its four other territories – Denmark, Norway, Sweden and the Netherlands – and still plans to launch in Spain later this year.
Larsen said: “We appreciate and value the support the UK boutiques have given us and we are certainly open to conquer the UK market again in the future if the circumstances play in our favour.”