Otrium is an end-to-end marketplace for end-of-season fashion, it has announced funding of $120M series C, and the US launch and introduction of the new capabilities are aimed at decreasing unsold fashion in the future.
Otrium has also disclosed that revenues have tripled in the year 202 and the registered members on Otrium have gone above 3 million and now it has around 300 fashion stores available on its app. Partners of Otrium include Karl Lagerfeld, Joseph, Anine Bing, Belstaff, ASICS, and Reiss.
The round of $120M was collectively led by Bond and index ventures, and Juliet de Baubigny who is a general partner at BOND will be joining the board of directors of Otrium.
The round also has kept on participation from Right road ventures and newly raised capital will also accelerate US expansion, support hiring along with the development of the technology platform of Otrium.
About Otrium raised $120M
Amsterdam based Otrium 120m series is working with the fashion industry to make sure that every item of clothing is worn, and also it helps in finding a buyer for every piece of clothing which has been already produced. It also provides the tools which brands need to develop lines that they have full faith and confidence that it will sell.
When selling the end-of-season collections on Otrium fashion houses get full and complete control over pricing, merchandising along with visibility of their excess inventory. Around 12% of the clothing that has been produced gets unsold.
The CEO and co-founder of Otruim, Milan Daniels have commented that their goal is to get as close as possible to eradicate the unsold seasonal inventory. He says, that firstly they will help fashion brands find homes for their clothing items that would otherwise stay unsold so that the revenue can be maximized which they get on these products.
He says, secondly, Otrium will help in leveraging their in-dept analytics to assist the brands in determining which clothing, in what quantities, and at what price as possible to sell most in the future.
Otrium recently has expanded the analytics functionality which will help the fashion houses in analyzing past demands to determine which items are popular and in power, which can potentially become iconic items for the brands.
Milan Daniels, further adds that they believe that the fashion world will see a rebalancing in the upcoming few years, with more sales being driven by iconic items which brands put on the market year after year and they will be less dependent on the new seasonal launches.
He says, that Otirum works with brands so that it can help them understand which of their items is going to stand the test time and at what price as well as quantity.
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