SSENSE SECURES MINORITY INVESTMENT FROM SEQUOIA CAPITAL CHINA

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Montreal-based retailer SSENSE has received minority investment from Sequoia Capital that values the ecommerce platform at more than CAD 5 billion. This marks Sequoia Capital’s expansion into the fashion industry, and comes after the company took a controlling stake in AMI earlier this year. The company, which specialises in high-end fashion and streetwear, said it’s the first round of external funding in its 18-year history. The capital will allow the company to focus on its global growth strategy, especially it will help to further accelerate its trajectory in China.

Announcing the news, SSENSE’s co-founder and CEO Rami Atallah paid tribute to “a like-minded partner who shares our belief in pushing boundaries,” adding: “SSENSE was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world. I’m grateful to be surrounded by a diverse, world-class team who continues to contribute to the ongoing success of SSENSE… Together, I’m confident we’ll strengthen the strategic, operational, and technological foundations to achieve our bold aspirations.” Co-founder and CEO Rami Atallah described the new shareholder as “a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth”.

Neil Shen from Sequioa Capital also released a statement, explaining that, “Sequoia is excited to support SSENSE in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalization, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.” Following the transaction, Angelica Cheung, Venture Partner for Sequoia Capital China, will join the Ssense board.

Fashion-linked firms with a powerful USP and a forward-looking strategy have been much in demand of late. Recent successful IPOs have include Dr Martens, ThredUp, and Mytheresa. And high-profile investments or acquisitions have included Birkenstock, Depop and Vinted. Ssense has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world. Sequoia is excited to support Ssense in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalisation, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.