Luxury online modest fashion start-up The Modist has received a $15m cash injection from investment company Vaultier7.
The Modist was founded last year by entrepreneur Ghizlan Guenez and offers a wide range of premium and luxury fashion brands, edited for the modest consumer, with labels on the site including Ganni, Missoni and Roland Mouret. In April it unveiled its own label Layeur by The Modist.
Vaultier7 is a new investment fund which was founded towards the end of last year by Anna Sweeting and Montse Suarez with the backing of the Puig family. It is targeting investments in the fields of Beauty & Personal Care, Health & Wellness and Lifestyle. It has already invested $7.5m in Swedish footwear brand Axel Arigato.
The Modist will be using its funds to consolidate its position in the fast-growing modest fashion space and to expand into new markets and form new brand partnerships.
“The Modist has already made a mark in the industry with its positive and forward-thinking message. Their powerful consumer-centric proposition curating e-commerce product with authentic content has stood out for us from Day One. We believe the ‘Modist’ movement is only just beginning,” Sweeting and Suarez said in a statement.