UK-based luxurious retail platform Cult Mia completes a seed funding spherical, elevating over €4.6 million to gas its world enlargement and strengthen its place as a number one vacation spot for unbiased luxurious vogue.
Based by Nina Briance in 2019, Cult Mia has seen constant triple-digit progress since its launch. This newest increase comes after a extremely profitable summer season, with Q3 2024 gross sales surpassing 200% progress in comparison with 2023, whereas working at thrice 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 prospects 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 procuring expertise to its rising buyer base.
Nina Briance, Founder & CEO of Cult Mia mentioned: “The fast progress we’ve seen, together with the loyalty from each prospects and model companions, reaffirms our perception within the platform’s potential to turn out to be the unbiased luxurious vogue vacation spot for the world. This funding will permit us to speed up our world 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 Progressive Trend/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 spend money on Cult Mia on their mission to advertise unbiased and various designers from world wide,” 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 progress, adopted carefully by the Center East, which has seen a 413% year-on-year improve. The UK, Cult Mia’s residence market, continues to indicate robust progress with a 115% year-on-year improve.
This new funding will help Cult Mia’s fast enlargement into new markets, with a strategic give attention to the Center East, which has rapidly turn out to be the platform’s second-largest market, experiencing over 400% progress year-on-year in Q3 2024.
Mark Pearson, Founder & Managing Accomplice at Gas Ventures, added: “We’ve been extremely impressed by Cult Mia’s efficiency since our preliminary funding. The corporate has achieved 4x GMV progress 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.”
