Dive Brief:
- Womenswear brand Dôen has closed a Series A funding round from growth equity firm Silas Capital, according to a news release this week.
- While financial terms of the funding round weren’t disclosed, Dôen said that before this round, it had raised about $1 million in outside capital. The company’s revenue is expected to reach $100 million this year.
- Dôen will use the new funding to expand retail operations and boost infrastructure in order to support its growing global customer base, per the release.
Dive Insight:
Since Dôen’s online launch in 2016, the company has expanded from women’s dresses, tops and footwear into outerwear, denim, swimwear, tees, delicates and a home capsule, per the release.
While the company already operates seven brick-and-mortar locations in California, New York and Massachusetts, Dôen said the funding will help expand its retail footprint into other key markets. The company also plans to boost operational infrastructure and invest in marketing.
Margaret Kleveland, Dôen’s co-founder and CEO, said in the release that the announcement had been “a long time in the making” as the brand looked for a partner that aligned with its longterm vision for growth.
Dôen launched wholesale through Net-A-Porter in 2019 and has had domestic partnerships with Saks Fifth Avenue and Nordstrom, per the release. Dôen’s products are also placed in select international retailers and available at more than 150 specialty stores globally.
Sales at Dôen’s owned retail stores grew 80% year over year, with comp store sales up 46%, per the release. The New York store in particular saw sales grow 65%. Overall, the business grew 40% year over year in e-commerce, and wholesale bookings have risen 110% year to date.
Dôen employs 160 people and is headquartered in Van Nuys, California.
Collaborations have been a key part of Dôen’s strategy, including its partnerships with brands like Reformation and K. Jacques. Dôen has also released two capsules with Gap.
The Silas investment in Dôen follows previous investments in digitally native fashion brands including Naadam, Tracksmith and Summersalt. The firm has also invested in luxury fashion brand Proenza Schouler. Silas Capital’s current investment portfolio includes beauty and wellness companies such as Violette_FR, Oak Essentials and Makeup by Mario.
Last year, Silas Capital said it would focus on investing in consumer brands as part of its “emerging growth” strategy.
