European online men’s fashion retailer Menlook.com says it is stepping up global expansion in a bid to become the leading menswear retailer in the world, following investment of $29m.
The French retailer, which currently sells in the UK among other European countries, says it is already Europe’s largest retailer in the category and it aims to take that dominance global by 2017. With the new investment it will focus on growing its presence in the United States and Asia.
“This latest fundraising drive offer us a fantastic opportunity that will enable us to enhance further the quality of our range of services throughout the world, attract new talents and invest in technologies of the future while playing several markets,” said Marc Ménasé, chief executive and founder of Menlook.com. “The challenge we are going to seek to meet by 2017 consists in remaining ecommerce craftsman and working hand-in-hand with prestigious brands while running the largest men’s store in the world.”
The business, which Ménasé founded in late 2010, has seen 17m visits so far in 2014 across all its sites. Menlook currently sells ready-to-wear clothes, shoes and accessories from 400 partner brands and three own brands to more than 400,000 customers of 120 nationalities. The average basket is worth €210, and the business employs more than 100 people in Paris, London and Singapore.
The new finance has come from existing investors the Partech International, Orkos Capital and 123venture funds, as well as new stakeholers investment fund Idinvest Partners, BPI France and Marc and Laurent Grosman, founders of the Célio ready-to-wear group.
Marc Grosman, founder of Celio said: “We are thrilled to provide our support and our entrepreneurial experience to Marc Ménasé’s ambitious project. Menlook is moving into a new phase in its development. We are convinced that it will enable the Group to confirm its potential and will eventually be reflected by the setting up of a benchmark position in the global market.”
