Who says free, fast delivery and exceptional customer service can’t be profitable? StyleTread has just announced that it has sourced a massive $12 million in funding and it looks like global expansion and new fashion markets are on the cards.
Australian pureplay online shoe retailer StyleTread has today announced that Starfish Ventures will join existing investors Lakestar, Nine Enetertainment Co. and Adinvest in the latest round of funding, financing a massive $12 million investment. Not a bad feat for a company that launched 15 months ago.
“This latest round of funding allows us to considerably expand the range of already over 60,000 shoes and over 150 brands, as well as explore adjacent geographic markets and fashion segments,” says Mark Rowland, Chief Happiness Officer at StyleTread.
Starfish Ventures is a Melbourne-based venture capital firm with over $400 million under management. The latest investment means that StyleTread is now owned by a majority of Australian shareholders.
Inspired by US online apparel retailer Zappos, StyleTread offers free express delivery and a free 100-day returns policy on all shoes Australia-wide. Earlier this year, StyleTread introduced a 3-hour delivery within Sydney.
StyleTread has also announced that it will be launching next-day delivery for the New Zealand market later this week.