Online Luxury Fashion Retailer Ssense Is Now Worth More Than $5 Billion

The Montreal-based company is now valued at about $5.34 billion at current exchange.

By Samantha Mcdonald 09/06/2021

Ssense has secured its first-ever external investment.

The online fashion platform announced today that it has received a minority investment from Sequoia Capital. With the financing, the Montreal-based company is now valued at more than 5 billion Canadian dollars, or about $5.1 billion at current exchange. It also marks the initial round of outside funding in its 18-year history.

“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,” said co-founder and CEO Rami Atallah. “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.”

According to Ssense, proceeds from the transaction will be used to further accelerate its international growth strategy. As part of the investment, Sequoia Capital China venture partner and former Vogue China editor Angelica Cheung will join Ssense’s board of directors — a move that suggests the e-tailer is looking to double down on its expansion in China.

“Under the leadership of brothers Rami, Firas and Bassel Atallah, Ssense has emerged as one of the leading online fashion platforms connecting brands with millennials and Gen Z consumers around the world,” added Neil Shen, steward of Sequoia Capital as well as founding and managing partner of Sequoia Capital China. “The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalisation, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.”

Founded as a digital marketplace in 2003 by the Atallah brothers, Ssense carries a mix of established and emerging luxury labels across womenswear and menswear, plus home decor, pet accessories, beauty, technology and other categories. The privately-held company reported that it generates an average of 100 million monthly page views, with approximately 80% of its audience between the ages of 18 and 40.

This was originally published on Footwear News.

ADVERTISE WITH US

Subscribe to the Newsletter

Stay Connected

You may also like.

Louis Vuitton’s Summer In Sydney

The French maison opens a colourful menswear residency.

By Terry Christodoulou

15/12/2021

Yes, Pleated Pants Are Really Back

The menswear world has learned to love the once-maligned trousers all over again.

By Eric Twardzik

01/12/2021

Louis Vuitton Is Dedicating Its Upcoming Runway Show To Virgil Abloh

You can livestream the event on November 30 via Louis Vuitton’s digital platforms.

By Rachel Cormack

30/11/2021

Orlebar Brown Owns Summer

The famed British outfitter celebrates the season ahead with bold and complete new looks.

By Robb Report Staff

16/11/2021

Daniel Lee Leaves Bottega Veneta In Surprise Split

Parent company Kering said the designer would be leaving the brand after more than three years.

By Joelle Diderich

11/11/2021

Buy the Magazine

Subscribe to Robb Report today!

Subscribe today

Stay Connected