Hollywood A-listers lined up to back a rising French fashion label.
Jessica Alba, Beyoncé, Gisele Bündchen, Net-a-Porter co-founder Carmen Busquets, Amy Griffin, Gabriela Hearst, Rihanna, Emily Weiss and Reese Witherspoon supported an all-female Series A for Destree, which attracted venture capital titan Sequoia Capital China to lead the funding found.
Initial interest in the Series A round came from Sequoia’s Angelica Chung, a venture partner and former editor in chief of Vogue China.
“We first noticed Destree because of their distinctive collections, with designs that are artistic and recognizable,” she said. “In this crowded and competitive space, Destree has had a very promising start by already establishing a strong DNA, which often determines future growth. We’re excited to be part of their journey while leveraging our global and local resources to help them realize their ambitions.”
Busquets said Destree’s “French craftsmanship and savoir-faire” have helped the brand achieve “60 percent of revenue from direct-to-consumer sales.”
“They also propose handpicked edits to the most exclusive multi-brand stores internationally,” added Busquets, who has invested in Moda Operandi, Farfetch, Lyst, and Unmade. “This strategy works very well as an impressive roadmap to scale the business in an effective and sustainable way.”
Géraldine Guyot and Laetitia Lumbroso founded Paris-based Destree in 2016 with an art-inspired ethos and signature shapes and silhouettes.
“We are thankful for and honored by our female-only financing round. So many of our role models are participating,” Guyot said. “Being surrounded by empowered female visionaries is a reflection of our own outlook for Destree. We look forward to the moments in which we may draw inspiration from this unique pool of investors.”
The DTC brand is stocked in more than 80 global points of sale. It plans to accelerate its international expansion though company-owned digital sales channels and brick-and-mortar stores. Destree said it will use the Series A round, its first external equity financing, to hire more talent, increase digital marketing and aid with its retail expansion in Paris, New York, China and Japan.
Destree plans to open its first Paris store on Rue Saint Honoré in June along with its first shop-in-shop concept debuting at Le Bon Marché.