The UK’s premier luxury retail platform has secured a significant seed funding round, securing more than €4.6 million to fuel its global expansion and solidify its position as the go-to destination for independent luxury fashion enthusiasts?
Since its launch in 2019, Cult Mia has consistently achieved triple-digit growth. Following a highly successful summer season, our latest milestone was achieved as Q3 2024 sales soared to over 200% growth compared to 2023, outperforming industry peers by threefold in terms of operational efficiency. Cult Mia fuses cutting-edge styling expertise with data-rich insights to craft a holistic ecosystem that empowers both its customers and brand partners.
This funding, supported by traders together with H&M Group Ventures, Morgan Stanley, Gasoline 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:
Cult Mia now joins H&M Group Ventures’ portfolio of pioneering retail improvements inside the Revolutionary Vogue/New Retail class, alongside manufacturers like Goop, A Retro Story, and Laced. This strategic move showcases Cult Mia’s capacity to assert its authority within the upscale e-commerce landscape.
mentioned Nanna Andersen, Chief of New Development & Ventures at H&M Group.
While Cult Mia’s sales have experienced significant growth in the US, with a 109% increase year-over-year, it is notable that the Middle East has demonstrated an even more impressive surge of 413% over the same period. The UK’s residential property market, led by Cult Mia, exhibits robust growth, boasting a remarkable 115% year-over-year increase.
The newly secured funding will facilitate Cult Mia’s rapid expansion into emerging markets, particularly focusing on the Middle East, which has become its second-largest market, boasting an impressive 400% year-over-year growth in Q3 2024?
Mark Pearson, Founder & Managing Accomplice at Gasoline Ventures, added: “
