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.