UK-based luxurious retail platform Cult Mia completes a seed funding spherical, elevating over €4.6 million to gasoline its international enlargement and strengthen its place as a number one vacation spot for impartial luxurious vogue.
Based by Nina Briance in 2019, Cult Mia has seen constant triple-digit development since its launch. This newest elevate comes after a extremely profitable summer time, with Q3 2024 gross sales surpassing 200% development in comparison with 2023, whereas working at 3 times the effectivity of market friends. Cult Mia integrates style-led model and product curation with data-driven insights, creating an ecosystem that advantages each its clients and model companions.
This funding, supported by traders together with H&M Group Ventures, Morgan Stanley, Gas Ventures, and David Wertheimer, will allow the corporate to scale its operations, notably in high-growth markets such because the US and the Center East, and proceed to ship a curated, values-driven purchasing expertise to its rising buyer base.
Nina Briance, Founder & CEO of Cult Mia mentioned: “The fast development we’ve seen, together with the loyalty from each clients and model companions, reaffirms our perception within the platform’s potential to turn into the impartial luxurious vogue vacation spot for the world. This funding will enable us to speed up our international enlargement, notably in high-growth markets just like the US and Center East.”
Cult Mia now joins H&M Group Ventures’ portfolio of pioneering retail improvements inside the Modern Style/New Retail class, alongside manufacturers like Goop, A Retro Story, and Laced. This addition highlights Cult Mia’s potential to dominate the luxurious e-commerce panorama.
“We’re delighted to put money into Cult Mia on their mission to advertise impartial and various designers from around the globe,” mentioned Nanna Andersen, Chief of New Development & Ventures at H&M Group. “We’ve been extremely impressed by what Cult Mia has achieved in such a short while.”
The US stays Cult Mia’s largest market, with 109% year-on-year development, adopted intently by the Center East, which has seen a 413% year-on-year enhance. The UK, Cult Mia’s residence market, continues to point out sturdy development with a 115% year-on-year enhance.
This new funding will assist Cult Mia’s fast enlargement into new markets, with a strategic concentrate on the Center East, which has rapidly turn into the platform’s second-largest market, experiencing over 400% development year-on-year in Q3 2024.
Mark Pearson, Founder & Managing Associate at Gas Ventures, added: “We’ve been extremely impressed by Cult Mia’s efficiency since our preliminary funding. The corporate has achieved 4x GMV development over the previous 12 months, with important enhancements throughout all key metrics, from buyer retention to model partnerships. Their potential to defy trade traits and scale sustainably highlights their distinctive positioning and future potential.”