Fashion marketplace JOOR secures $16m in Series C funding led by Japan’s ITOCHU

Photo: Reuters

Japanese conglomerate ITOCHU has led a $16-million Series C funding round in New York-based JOOR, an online marketplace that connects fashion brands and retailers, according to an announcement

The round was also joined by existing investors Canaan Partners and Battery Ventures, it added.

JOOR will use the funding to drive ongoing product innovation for both brands and retailers. In addition, it will continue its global dominance by expanding into Asia, it said in a statement.

The startup has raised $36 million in funding since inception in 2010.

ITOCHU currently claims to handle more than 150 US and European brands in the Japanese market. Through the partnership, JOOR will be able to access ITOCHU’s brands and accelerate the entry of new overseas brands into Japan, the statement said.

“At JOOR, our focus from day one has been the simplification of the wholesale process for brands and retailers. Our mission is to bring the industry together with one platform. The team at ITOCHU supports this mission and we are excited to have their expertise and support to enable JOOR to expand into Asia, furthering JOOR’s global dominance,” said Kristin Savilia, CEO of JOOR.

JOOR claims to help brands and retailers rid themselves of time-consuming, error-prone manual processes to grow their businesses with more efficient order processing, assortment planning, and analytics. It is currently working with 8,600 brands and 200,000 retailers across 144 nations.

Its clientele includes brands such as LVMH, Richemont, Balenciaga, Alexander McQueen, Saint Laurent, Marc Jacobs, Kate Spade, Michael Kors, Burberry, among others.

Japan is the second largest luxury market in the world, behind the United States and ahead of mainland China. According to a report by McKinsey & Co, Japan spends 3.6 trillion yen (roughly $33 billion) each year on luxury goods. Over the next 2-3 years, the Japanese market is expected to grow between 3 and 4 per cent, as consumers shift their interest toward high-end fashion.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.