The company said the round of investments will go toward advancing technology to enhance predictive analytics and the brand’s Italy-based supply chain. The latest investment brings the “made in Italy” footwear brand’s total funding of $47.2 million in two years.
BurdaPrincipal has a track record of investing in up-and-coming companies within the fashion sector. The company names jewelry brand BaubleBar, Etsy, Vinted and Showroom among its investments.
“We are redefining what it means to be a luxury brand in this economy and we sought an investor with additional expertise who understands what M.Gemi is bringing to the market and the potential for us on a global stage,” said Ben Fischman, M.Gemi CEO. He added, “We believe the future of retail is in the convergence of content, digital and physical commerce and Burda’s unique experience across both consumer media and ecommerce gives us tremendous value as we grow domestically and globally.”
M.Gemi will open its first Boston physical store July 7, in Boston’s Prudential center, featuring an espresso bar and a modern, open space for personal shopping appointments. Continuing its direct-to-consumer model within the brick-and-mortar space, all orders from the store will ship directly to shoppers’ homes.