Sequoia China announced Thursday that it has led round-A investment in DESTREE, a Paris-based fashion and accessories brand. The specific financing amount was not disclosed.
Zhang Yu, Investment Partner of Sequoia China and Former Editor-in-Chief of Vogue China, led this round on behalf of Sequoia, and worked with a group of outstanding women in creative and business fields, including Jessica Alba, Beyoncé, Gisele Bündchen, Carmen Busquets, Amy Griffin, Gabriela Hearst, Rihanna, Emily Weiss and Reese Witherspoon.
DESTREE was founded in 2016 by Géraldine Guyot and Laetitia Lumbroso, who are responsible for design and operations respectively. At present, the firm’s products are distributed in more than 80 specific channels around the world, hoping to promote direct dialogue with global consumers by strengthening its own digital sales channels and opening direct-sale physical boutiques.
DESTREE products feature relatively high price tags, with an entry-level handbag costing €520 ($563), falling into a light luxury price range. Located in Rue Saint Honoré, the fashion center of Paris, its first physical store will be unveiled in June 2022.
DESTREE has not yet officially entered the Chinese market for sales, nor has it opened an account on Chinese social media platforms for generating local publicity. Currently, about 60% of the brand’s sales come from direct-to-consumer (DTC) channels. Handbags are the best-selling category, followed by jewellery accessories, ready-made clothing and hats.
After this round of financing, the two founders still hold most of the shares of the brand. DESTREE said the new funds will be used to strengthen talent recruitment and digital native marketing to support its retail operations in Paris and New York and its expansion in China and Japan. Sequoia China will leverage its local and global resources, as well as rich experience in retail innovation and digital marketing, to accelerate DESTREE’s expansion in China and the rest of the world.
Angelica Cheung, a Venture Partner at Sequoia China, said, “We initially noticed DESTREE because of their artistic and recognizable designs. It is very important to establish their own DNA early in this highly competitive field. We are very happy to accompany the brand’s future growth and help them realize their ambitions with our resources in the local and global markets.”