HONG KONG — Fashion rental website GlamCorner has raised $ 3.3 million, aimed at cementing its status as the market leader in the Australian apparel-sharing economy.
The investment of 4.2 million Australian dollars was led by AirTree Ventures, bringing the total amount of capital invested in the business to date to 5.5 million Australian dollars.
The company was founded by husband-and-wife duo Dean and Audrey Jones in 2012. The site stocks more than 3,000 designer dresses from more than 150 labels, averaging about 90 Australian dollars to 130 Australian dollars, and is equipped to offer next-day delivery across the country and three-hour delivery in Sydney.
Over the last year, the business has grown over 500 percent, transacting the retail equivalent of over 20 million Australian dollars, the company said.
“We are renting to 16-year-olds for their Year 10 formal to someone over 60 going to their daughter’s wedding. The problem [of finding an outfit] is quite universal,” Dean Jones said.
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“We’re going to stay Australian-focused for the time being because we have a real formula that’s working,” Jones continued, adding the firm would “scale up their inventory base significantly.”
GlamCorner founders Dean and Audrey Jones
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