Within e-commerce, the fashion sector has been one of the most successful both before and after the pandemic, becoming one of the main engines of the digital economy. This is thanks to the fact that it brings a new format of accessibility and closeness to the world of fashion, thus opening its doors to new target audiences. This has led to the emergence of companies that make a difference in a highly competitive market, something that the Spanish personal shopping Lookiero has successfully achieved.
What led him to close his third in the month of July for an estimated 25.2 million euros. This investment was led by Perwynan English investment company, together with its current investors MMC Ventures, all-iron ventures Y bonsai partners. Which, according to company statements, will serve as the basis for its expansion in the German market.
More than 25 million euros to consolidate its expansion
Last summer Lookiero closed a new round of financing for 30 million dollars (around 25.3 million euros) and that also had the participation of MMC Ventures, All Iron Ventures and Bonsai Partners.
After this new round, the personal shopping platform Lookiero adds a total of 50.5 million euros in financing. After this injection of capital, the startup announced that it would continue its international expansion plans, as mentioned by its founder, Oier Urrutia:
Specific, the fashion company began operating in Germany last Octoberwhile continuing to strengthen its presence in Spain, Italy, Luxembourg, Portugal and Belgium.
The leading personal shopping platform in Europe
Lookiero was founded in 2015 by Oier Urrutia, who had the idea when he knew that his partner and her friends had problems finding a good style without sacrificing a lot of time, and now, in just over 5 years, Lookiero has consolidated as leader of the personal shopper service in Europe.
Lookiero’s is based on an original idea: users must create their profile by filling out a form with information on style, size and preferences, and choose receive a look monthly, bi-monthly or quarterly. Although, currently they have also incorporated an option outside of this shipping system on request, in which customers can choose to receive their boxes one or more times without a time commitment. A few days after completing the form, they will receive 5 garments with look suggestion cards that help them combine their wardrobe. A model that helps them discover new brands at the hands of styling specialists.
In their box, clients also receive a letter from one of the expert stylists, the invoice with the prices of each garment and the discounts they will obtain on each garment in case they keep some of them.
And here lies one of the great attractions of this business model: Those garments that they do not want can be returned at no cost. The subscription has a monthly cost of 10 euros that will be deducted from the purchases that the users make during the month. Whether buy the complete look will be a discount of up to 25% of the total.
More than 3 million users and presence in 7 markets: the milestones reached by Lookiero
Under this particular model, Lookiero has seen exponential growth, according to the company. In any case, just by estimating its expansion of personnel we can appreciate said growth. In its beginnings, Lookiero’s work team had just 5 workers, which have now grown to a group of 400 working with around 150 well-known brands. They have even launched their own line of footwear, demonstrating the acceptance of the company in their community of more than 3 million users.
This growth has been continuous for Lookiero: in 2017, according to some data offered by the company, they had multiplied their turnover by 8 compared to the 2016 financial year. For 2020, their net amount presented to the Mercantile Registry was 34.9 million euros, which meant an increase of 9 million, compared to the previous year. And for this 2021 after a pandemic year, they claim to have obtained a growth of 50% in the first half of the year, from a year-on-year point of view.
All this reaffirms the solidity of the community and the business model formed by Lookiero, one that it intends to keep focused on the female audience. Although, an expansion towards men’s fashion is not ruled out, because according to Urrutia “you never know”. In the same way, the company’s growth plans have not yet set course for new continents, but the plans are focused on promoting the markets in which they already have a presence. Especially with this new expansion into Germany.
Image: Lookiero
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