Wholesale apparel portal Joor eyes Asia as its gets $16 million
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US wholesale platform and data exchange Joor has raised US$16 million in Series C funding. The financing round was led by Itouchu, one of Japan’s leading conglomerates with participation from existing investors Canaan Partners and Battery Ventures. Joor has now raised $36 million since its launch and the new cash will fund ongoing product innovation for both brands and retailers, as well as expansion into Asia.
Through the partnership with Itouchu, Joor will be able to access more than 150 US and European brands, and accelerate the entry of new overseas brands into Japan.
“Joor’s dominance in North America and Europe makes it the natural choice for expansion into the Japanese market. We are excited to continue supporting their strategic growth,” said Yoshihiro Fukushima, executive officer of Itochu.
“At Joor, our focus from day one has been the simplification of the wholesale process for brands and retailers,” said Kristin Savilia, CEO of Joor. “Our mission is to bring the industry together with one platform. The team at Itouchu supports this mission and we are excited to have its expertise and support to enable Joor to expand into Asia, furthering its global dominance.”
Joor connects 8600 brands within 53 categories and 200,000 retailers in 144 countries into one wholesale platform.
Luxury companies including Kering, LVMH, Richemont, Balenciaga, Alexander McQueen, Saint Laurent and Marc Jacobs have moved their wholesale business exclusively to the platform.
Questions & Answers
Q.Which specific regions in Asia will Joor be targeting for expansion with this new funding?
Which specific regions in Asia will Joor be targeting for expansion with this new funding?
The article states that the new cash will fund expansion into Asia and that Itochu's expertise will enable Joor to expand into Asia. However, it specifically mentions accelerating the entry of new overseas brands into Japan through the partnership.
Q.How much total funding has Joor received since it was first launched?
How much total funding has Joor received since it was first launched?
Joor has now raised a total of $36 million since its launch. This figure includes the most recent Series C funding round, which contributed $16 million to their total capital.
Q.What is the primary objective of Joor's platform for brands and retailers?
What is the primary objective of Joor's platform for brands and retailers?
Joor's primary objective is to simplify the wholesale process for both brands and retailers. Their mission is to unite the industry by providing a single, comprehensive platform for wholesale transactions.
Q.Which companies have exclusively moved their wholesale operations to Joor's platform?
Which companies have exclusively moved their wholesale operations to Joor's platform?
Luxury companies such as Kering, LVMH, Richemont, Balenciaga, Alexander McQueen, Saint Laurent, and Marc Jacobs have all exclusively moved their wholesale business onto Joor's platform.
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