Ssense valued at $4.1 billion in first funding round
Montreal-headquartered luxury fashion and leathergoods retailer Ssense recently secured minority investment from Sequoia Capital, following its first ever external funding round since the company was founded by the Attalah brothers in 2003.
The deal valued privately held Ssense at around $4.1 billion (CAD 5 billion), a press release said.
According to the release, the retailer has enjoyed high double-digit annual growth and profitability since its inception, generating an average of 100 million monthly webpage views at present.
Founding editor of Vogue China and current venture partner for Sequoia Capital China, Angelica Cheung, will join the Canadian company’s board of directors following completion of the transaction.
Particularly known for its curation of emerging, avant-garde and streetwear designers, approximately 80% of Ssense’s audience is aged between 18 and 40.
Steward of Sequoia Capital and founder and managing partner of Sequoia Capital China, Neil Shen, said: “We are thrilled to become the first outside investor and partner with Ssense, one of the leading online fashion platforms connecting brands with millennials and gen Z consumers around the world.
“Sequoia is excited to support Ssense in its continued global expansion and China acceleration.”
Co-founder and chief executive of the Montreal-based retailer, Rami Atallah, added: “Ssense was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world.
“We’ve found a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth. Together, I’m confident we’ll strengthen the strategic, operational and technological foundations to achieve our bold aspirations.”
