“This was one of the best executed financings I’ve been through as they kept the process simple, straightforward and executed exactly what they said they would from the beginning,” said Stephanie Roberts, interim chief financial officer at the luxury fashion e-tail platform that competes with Farfetch and Mytheresa.
Kyle C. Shonak, Gordon Brothers’ managing director, said the partnership with Consensus helped “achieve the best outcome for the online fashion retailer,” while Consensus managing member Michael O’Hara said the global advisory firm’s “expertise, hard work and flexibility yielded the liquidity we needed to run a full marketing process.”
The financing and sales process yielded investments from G Squared, a new investor, and additional funding from existing investors New Enterprise Associates (NEA) and Andrés Santo Domingo.
Last month, Moda Operandi cofounder and chief brand officer Lauren Santo Domingo said the new funding round is from a “group of new and existing partners who share this company’s vision and values.”
She cofounded the fashion discovery platform with Áslaug Magnusdottir in 2010. The site, launched in February 2011, curates in-season assortments from leading and emerging designers globally, as well as their entire next season’s collection. Since then, the company, which ships to over 125 countries worldwide, has grown to include over 400 employees globally. The company tabled its men’s business last year as the coronavirus pandemic crimped sales. And while fashion and accessories are its core categories, Moda Operandi also offers a selection of home goods ranging from tabletop to home decor and linens.
The firm raised $100 million in equity and debt financing last year in January. Existing investors NEA and Apax Digital Fund co-led the round, which included participation from Comerica Bank, TriplePoint Capital, and the Santo Domingo family, among others. Previously, the company raised about $294 million from venture capitalists, including a $165 million raise in December 2017 led by Apax Digital.
Last month, the company named former Neiman Marcus Group president and chief merchandising officer Jim Gold as CEO, giving Moda an executive leader well versed in the designer luxury world. Previously CEO of Bergdorf Goodman, a division owned by Neiman, Gold also held an interim position at Moda, and and will now join Santo Domingo on the company’s board.