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The Modist wins cash injection

Luxury etailer The Modist has secured a $15m (£11.2m) investment from female-led private equity firm Vaultier 7.

The Modist, which launched last year, said it aimed to be the first “global online destination for luxury modest fashion”.

Its founding team includes chief operating officer Lisa Bridgett, former global sales and marketing director at Net-a-Porter. Founder and chief executive Ghizlan Guenez has a background in private equity.

The luxury etailer said the new funding would allow it to further grow and consolidate its position in core markets, including through “new and exciting brand partnerships”.

The Modist ships to more than 100 countries and debuted with 75 leading ready-to-wear and accessories labels, including Marni, Alberta Ferretti, Christopher Kane and Mary Katrantzou.

It now sells more than 125 global brands, which it said “reflects the concerns of a growing group of women who, for reasons both cultural and personal, want a modest look that doesn’t forgo style”.

It has offices in London and Dubai.

The etailer introduced its first private label in April, Layeur, which it describes as “a fashionable yet modest brand that fills clear gaps in the market as articulated by their community of women”. 

In a statement Vaultier 7 said: “The Modist has already made a mark in the industry with its positive and forward- thinking message and powerful consumer-centric proposition curating ecommerce product with authentic content has stood out for us from day one. We believe the ‘Modist’ movement is only just beginning”.

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