Besteller brand expansion; Lee x Daydreamer; Warby Parker results; Trove funding

By

Sandra Halliday

Published
Aug 13, 2023

Danish fashion retail giant Bestseller has launched its latest brand into standalone stores following its shop-in-shop debut in 15 markets over the last year. Plus-size label Evoked Vila opens its first three stores in Danish provincial cities this month and next and said the Evoked shop-in-shop concept will continue to expand in the European market. The company said Germany is currently its largest wholesale market and it’s rolling out further there. Spain has done well too.

Denim brand Lee has announced its first womenswear collaboration with Daydreamer, the LA-based female founded brand known for its vintage inspired, band T-shirts and tops. The two brands, “deeply rooted in American culture”, have created a limited-edition capsule that “acknowledges the rich history of music and fashion”. It merges Lee’s denim heritage with Daydreamer's “passion for authentic storytelling, resulting in re-imagined styles that give a nod to the past while empowering women today”. The collection focuses on women’s T-shirts, crews, sweatshirts, denim jackets and jeans, highlighting three distinctive stories: the nostalgia of the 1990s, the spirit of the West, and the craftsmanship of workwear. The products range in price from $75 to $138. Tops and jackets are sized XS to XL and jeans are available in sizes 24-35.

American DTC eyewear specialist Warby Parker said Q2 saw revenue rising 11% to $166.1 million and adjusted EBITDA up $8.2 million to $14.2 million with the adjusted EBITDA margin up from 4% to 8.5%. Average revenue per customer increased 9.2% to $277 and active customers increased 1.2% to 2.28 million. Gross profit rose 5% to $90.6 million but the gross margin was down to 54.6% from 57.7%. The GAAP net loss improved by $16.2 million to $15.9 million. It said its stores are playing an increasingly important role in attracting new consumers to the brand. It opened 13 new stores in Q2 and remains on track to open 40 this year.

Resale specialist Trove has announced a $30 million Series E funding round, bringing its total funding to over $150 million since its inception. The company will use the new injection of capital to “fuel its expansion with new brands and verticals, and to further the growth of Trove Recommerce Powered facilities as it meets the surging demand for its branded resale solutions”. The news comes on the heels of its ongoing expansion with five facilities across North America, and more to come. It will continue its expansion through logistics partners, in addition to its owned and operated ReWarehouse. Currently, Trove-powered resale sites account for more than 60% of all branded resale traffic in North America according to industry source Second Measure. The resale market is growing at five times the rate of retail and is expected to represent 23% of all retail in 2030.