The Bottom Line: NewSpring Invests in FASHIONPHILE
August 27, 2020
NewSpring, a family of private equity strategies, announced today that NewSpring Growth, the Firm’s dedicated growth and expansion strategy, has invested in FASHIONPHILE.
FASHIONPHILE is a leading Luxury Recommerce Company
FASHIONPHILE is a leading buyer and seller of ultra-luxury pre-owned handbags, watches, fine jewelry, and accessories. The Company was founded in 1999 and utilizes its proprietary technology, data, and industry experience to curate highly demanded luxury products. FASHIONPHILE is helping to define a new chapter for luxury ecommerce by increasing the affordability and accessibility of luxury products. As the Company has grown, it has expanded its physical footprint beyond its Carlsbad, CA headquarters to buying centers in New York City, San Francisco, Dallas, and Newport Beach, CA with its exclusive relationship with Neiman Marcus.
FASHIONPHILE is at the forefront of the growing sustainable fashion movement
Demand for sustainable fashion is growing rapidly, and FASHIONPHILE is poised to capture a large share of this market. As individuals continue to look to the secondhand market for luxury products, FASHIONPHILE’s existing brand presence and proprietary technology is well-positioned to facilitate the fast and easy exchange of authenticated goods.
“As the demand for sustainable fashion continues to balloon, we believe resale is driving the future of retail. It’s our goal to bring scale and state-of-the-art technology to secondhand shopping and ultimately draw more consumers into the circular economy. We’re thrilled to partner with NewSpring and leverage the firm’s deep operational expertise as we continue to refine our technology and grow the business.”
Proceeds will fuel continued product assortment, investments in technology, and expansion
NewSpring’s investment will be leveraged to drive operational and geographic scale, further expanding FASHIONPHILE’s omnichannel footprint, and opening regional fulfillment centers both domestically and abroad. The proceeds will also be used to bolster the Company’s suite of proprietary technologies with a focus on enhanced automation and artificial intelligence to ensure product authenticity and operational scale in the business model.
FASHIONPHILE is led by an innovative, tech-forward management team
Since co-founding the Company, Sarah Davis and Ben Hemminger have grown the business by developing innovative technology and pursuing unique partnerships like its union with Neiman Marcus. Sarah, Ben, and the rest of the management team represent exactly the type of growth-oriented leadership NewSpring targets for investment.
“Recommerce is growing exponentially, and with FASHIONPHILE’s one-of-a-kind technology and decades of experience with designer goods, it is a perfect fit for NewSpring Growth. We are excited to work with Sarah and Ben to help FASHIONPHILE continue to lead the luxury category in the secondary market.”