Investment to fuel wholesale’s largest global platform in ongoing product innovation and continued global expansion into Asia
NEW YORK (PRWEB) FEBRUARY 13, 2019
JOOR, the leading wholesale platform and data exchange, announced the closing of $16 million in Series C funding today. The financing round is led by ITOCHU, one of Japan's leading conglomerates with a portfolio spanning manufacturing, technology and retail. The round is also joined by existing investors Canaan Partners and Battery Ventures.
To date, JOOR has raised $36 million and will use the funding to drive ongoing product innovation for both brands and retailers. In addition, JOOR will continue its global dominance by expanding into Asia. ITOCHU is a pioneer in the brand business and is now handling more than 150 US and European brands in the Japanese market. Through the partnership, JOOR will be able to access ITOCHU’s brands and accelerate the entry of new overseas brands into Japan.
“At ITOCHU, we pride ourselves on scaling and helping to grow companies who are pioneers,” said Yoshihiro Fukushima, Executive Officer of Itochu. “We recognize the importance of embedding technology into every step of the retail value exchange. Upon reviewing several other wholesale platforms, it is clear why JOOR is the industry leader -- they have leading technology, innovative solutions for brands and retailers, and a robust marketplace. JOOR’s dominance in North America and Europe make them the natural choice for expansion into the Japanese market. We are excited to continue supporting their strategic growth.”
This growth strategy is supported by overwhelming demand from brands and retailers across the world, eager for a proven solution to support wholesale’s digital transformation. To-date, $23 billion in gross merchandise volume has been transacted on the platform across 3.68 million orders, nearly half of which took place in the last 12 months. Of the 8,600 brands using JOOR, names include powerhouses Kering, LVMH and Richemont, representing signature brands Balenciaga, Alexander McQueen, Saint Laurent, Marc Jacobs, Berluti and Chloe along with the likes of Kate Spade, Michael Kors, Burberry, Stella McCartney, Free People and Balmain. Additionally, amongst the almost 200,000 retailers using JOOR, Neiman Marcus, Bergdorf Goodman, Printemps, 24 Sevres and Harrods and 20 other global retailers moved their wholesale buying process exclusively to the platform.
“At JOOR, our focus from day one has been the simplification of the wholesale process for brands and retailers. Our mission is to bring the industry together with one platform. The team at ITOCHU supports this mission and we are excited to have their expertise and support to enable JOOR to expand into Asia, furthering JOOR’s global dominance,” said Kristin Savilia, CEO of JOOR.
Japan is the second largest luxury market in the world, behind the United States and in front of mainland China. According to a report by McKinsey & Co, Japan spends 3.6 trillion yen (roughly 33 billion dollars) each year on luxury goods. Over the next two to three years, the Japanese market is expected to grow between 3 and 4 percent, as consumers shift their interest toward high-end fashion. Research finds that revenue in the fashion market will amount to $15B this year.
JOOR is the leading global wholesale platform and data exchange, connecting the best brands and top retailers for faster, easier, smarter wholesale business. Over 8,600 brands within 53 categories, trust JOOR with their wholesale business, along with almost 200,000 retailers across 144 countries. The only platform serving the needs of both buyers and sellers globally, JOOR helps brands and retailers rid themselves of time-consuming, error-prone manual processes to grow their businesses with more efficient and impactful order processing, assortment planning, and analytics. JOOR is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid and Melbourne. For more information, visit http://www.joor.com.
ITOCHU is a leading sogo shosha incorporated in Japan with approximately 110 bases in 63 countries. It is engaged in domestic trading, import and export, and overseas trading of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investments in Japan and overseas. ITOCHU is listed on the Tokyo Stock Exchange.