Grana, Online Retailer Offering Luxury Apparel at Disruptive Prices
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Grana (grana.com), an online clothing retailer creating luxury fabrics and wardrobe essentials at guilt-free prices, announced today it has secured an additional $3.5 million U.S. dollars in seed funding. The lead investor is Golden Gate Ventures, along with investments from MindWorks Ventures and Bluebell Group, bringing their total funding to date to $6 million U.S. dollars, with additional Series A funding pending. Grana recently launched in the U.S. market, and the additional funding will help the brand continue its international growth and expansion.
Grana offers timeless wardrobe essentials created from fabrics found around the world, including Chinese Silk, Mongolian Cashmere, Irish Linen, Japanese Denim, Peruvian Pima Cotton, French Poplin, Chinese Cotton Twill, Italian Merino Wool and Japanese Chambray. Grana designs its merchandise in-house and works directly with fabric mills in order to bring the highest quality clothing to customers at the best possible prices.
Grana has grown extensively since its March 2014 beta launch, during which the brand sold 2,000 Peruvian Pima Cotton t-shirts in three weeks, shipping to eight countries directly from Hong Kong. Month-over-month sales are currently increasing by 40 percent since Grana launched in October of 2014.
The new round of funding will expand Grana’s shipping to new markets as well as aid the entry into the U.S. and China markets. The funds will play a critical role in new product category launches such as leather goods, undergarments and activewear.
“We’re pleased to receive financial backing from Golden Gate Ventures and MindWorks Ventures,” said Luke Grana, CEO and co-founder of Grana. “The support is critical to our U.S. expansion, a priority market that already represents 20 percent of our global sales. This new investment allows us to further disrupt the online clothing market and provide consumers with luxury-quality wardrobe essentials without the luxury price point.”
Since launching, Grana has brought a number of “Fitting Rooms” to consumers across Sydney, Singapore, and Hong Kong, and mostly recently opened a U.S. location in San Francisco in December 2015. Designed as a showroom instead of a retail shop, customers can experience the brand personality in the space, interact with Grana Cheetahs (customer service representatives), and discover the website. Retail showroom spaces are increasing in popularity, and Grana’s Fitting Room model is helping to lead this global trend. The new funding will also allow Grana to open additional Fitting Room locations in the U.S. and provide support for a technological upgrade to the shops, reinventing the way people buy clothes in-store.
“We’re pleased to receive financial backing from Golden Gate Ventures and MindWorks Ventures,”
“In a world were startups are disrupting established industries, Grana is disrupting how to build a global brand with bottom-up marketing from their biggest fans, city by city,” said Vinnie Lauria, Managing Partner at Golden Gate Ventures.
“We envision Grana’s model of providing the highest-quality modern essentials at revolutionary price points as the future of retail,” said David Chang, Partner at MindWorks Ventures. “This investment round provides Grana with greater capacity to expand its growing Fitting Room network, and product range and develop its omnichannel strategy.”
As part of its international expansion and growth in existing markets, Grana will also use the newly acquired funds to build out a global world-class team. Currently, Grana has more than 40 employees in Hong Kong, and most recently has added team members in San Francisco.
ABOUT GRANA
Grana is a global ecommerce brand delivering luxury-quality wardrobe essentials made from the world’s best fabrics at guilt-free prices. Grana operates online and deals directly with their fabric mills, cutting traditional middlemen costs. Once the fabrics have been selected, Grana’s in-house product team designs the collections. With a focus on the perfect fit, Grana’s wardrobe essentials are designed to last far beyond the season.
Questions & Answers
Q.What is Grana's total funding to date after this latest seed round?
What is Grana's total funding to date after this latest seed round?
After securing an additional $3.5 million U.S. Dollars in seed funding, Grana's total funding to date stands at $6 million U.S. Dollars. This includes investments from Golden Gate Ventures, MindWorks Ventures, and Bluebell Group, with further Series A funding pending.
Q.How will Grana use the newly acquired funds for its expansion and product development?
How will Grana use the newly acquired funds for its expansion and product development?
The new funds will expand Grana’s shipping to new markets, aid entry into the U.S. And China, and support new product category launches such as leather goods, undergarments, and activewear. It will also fund additional U.S. Fitting Room locations and technological upgrades.
Q.What is the purpose of Grana's 'Fitting Rooms' and where are they located?
What is the purpose of Grana's 'Fitting Rooms' and where are they located?
Grana's 'Fitting Rooms' are showroom spaces, not retail shops, where customers can experience the brand and interact with customer service representatives. They have opened in Sydney, Singapore, Hong Kong, and San Francisco.
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