Company:Otrium
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| Type | Private |
|---|---|
| Industry | Fashion, retail, eCommerce |
| Founded | 2015[1] |
| Founder | Milan Daniels and Max Klijnstra[1] |
| Headquarters | Amsterdam, Netherlands[2] |
Key people | Milan Daniels (co-CEO) Max Klijnstra (co-CEO)[3] |
| Website | otrium.com |
Otrium is an Amsterdam, Netherlands-based developer of a technology platform used for selling end-of-season inventory for fashion and clothing brands.[2] The company was founded in 2015, and as of February 2022 reportedly featured over 300 fashion brands on its platform.[4][3]
History
2010s
Otrium was founded in Amsterdam in 2015 by Max Klijnstra and Milan Daniels.[4] The pair had met in primary school, and started and sold a clothing brand Breaking Rocks in 2015. The idea behind Otrium started when they saw how hard it was to sell old inventory after selling their company.[5] Otrium's was designed to eradicate unsold inventory by giving brands a better option than simply offloading unsold inventory to discounters.[4][6] Klinjstra and Daniels became co-CEOs.[3]
In 2016, the company received a €200,000 growth capital investment investment from investors Hans Veldhuizen, Marque Joosten, Marijn Pijnenborg and Victor Knaap.[1] In January 2018, Otrium received a €750,000 investment from investors Adriaan Mol, Fred Gehring and Ludo Onnink.[1] In May 2019, the company raised €7 million in a series A, led by venture capital firm Index Ventures.[7] Also in 2019, the company's co-founders were named to the Forbes 30 Under 30 list, for their efforts to address the fashion industry's problem of excess inventory.[8]
2020s
In May 2020, the company raised $26 million in a Series B funding round, led by venture capital firm Eight Roads Ventures, with participation from existing investors venture capital firm Index Ventures and Dutch investor Hans Veldhuizen.[9] In March 2021, the company raised $120 million in another funding round, led by venture capital firm Bond Capital and returning investor Index Ventures, with participation from existing investor Eight Roads Ventures.[10][11] The funding was earmarked for the company's United States expansion.[10] In November, the company launched in the United States.[12] Also in November, the company was recognized for its efforts to make shopping more sustainable, including allowing customers to view the ethical and environmental scores of each brand on its shopping site.[13]
In February 2022, the British Fashion Council (BFC) announced Otrium as a Patron sponsor, to help the industry develop more sustainable business practices, and to help fashion brands with their environmental, social and corporate governance (ESG) efforts.[3] The deal included Otrium's co-CEO Milan Daniels joining the BFC's advisory board.[3]
Operations
The company is based in Amsterdam, and ships to 20 markets across the United States and Europe.[12] As of February 2022, the company reported over 3.5 million registered members, and over 300 fashion stores on its app.[4][3] Co-founders Max Klijnstra and Milan Daniels serve as co-CEOs.[3]
Otrium sells end-of-season items online for fashion brands, similar to an online outlet store, and takes a cut of each sale.[5][10][11] The retailers each have their own micro-sites on Otrium's web site, and they control the available stock and pricing.[14][15] Otrium coordinates the storage, sale, and shipment of the items.[4]
Otrium also uses analytics to help brands forecast and choose the right products to manufacture, based on what is selling.[10][16]
The company works with clothing and fashion brands that include Karl Lagerfeld, Joseph, Anine Bing, Belstaff, Reiss and ASICS.[10]
References
- ↑ 1.0 1.1 1.2 1.3 "Online fashion outlet Otrium receives €750k growth capital". January 29, 2018. https://ww.fashionnetwork.com/news/Online-fashion-outlet-otrium-receives-750k-growth-capital,940933.html.
- ↑ 2.0 2.1 "Otrium raises $120m to go online with designer outlet shopping". March 30, 2021. https://www.ft.com/content/6fc48c36-aa6d-4a4e-9340-6a540f98d9d4.(Subscription content?)
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 "British Fashion Council announces Otrium as a new Patron". February 3, 2022. https://fashionunited.com/news/business/british-fashion-council-announces-otrium-as-a-new-patron/2022020345542.
- ↑ 4.0 4.1 4.2 4.3 4.4 "After tripling its revenue in 2020, Amsterdam-based fashion e-commerce startup Otrium raises €102.3M". March 31, 2021. https://siliconcanals.com/news/startups/e-commerce/otrium-raises-102-3m/.
- ↑ 5.0 5.1 "Otrium takes on fashion’s excess stock problem". May 2, 2019. https://sifted.eu/articles/otrium-fashion-excess-stock/.
- ↑ "The Amsterdam entrepreneurs taking over the digital sustainable fashion space". March 31, 2021. https://www.iamsterdam.com/en/business/news-and-insights/news/2022/sustainable-fashion-shopping-founded-in-amsterdam.
- ↑ "Farfetch backer Index invests €7m in outlet disruptor Otrium as it grows fast". May 9, 2019. https://us.fashionnetwork.com/news/Farfetch-backer-index-invests-7m-in-outlet-disruptor-otrium-as-it-grows-fast,1095036.html.
- ↑ "Cofounders, Otrium". https://www.forbes.com/profile/otrium/?sh=7853d7cf3c98.
- ↑ "Otrium raises $26 million to sell end-of-season fashion items". March 27, 2020. https://techcrunch.com/2020/05/27/otrium-raises-26-million-to-sell-end-of-season-fashion-items/.
- ↑ 10.0 10.1 10.2 10.3 10.4 "Otrium raises $120 million for its end-of-season fashion marketplace". March 30, 2021. https://techcrunch.com/2021/03/30/otrium-raises-120-million-for-its-end-of-season-fashion-marketplace/.
- ↑ 11.0 11.1 "Digital Outlet Otrium Raises $120 Million in Series C Funding". March 31, 2021. https://wwd.com/business-news/financial/digital-outlet-otrium-raises-120m-series-c-funding-index-ventures-bond-1234790108/.(Subscription content?)
- ↑ 12.0 12.1 "Otrium launches into the US". November 4, 2021. https://fashionunited.com/news/fashion/otrium-launches-into-the-us/2021110443422.
- ↑ "How Otrium is Extending the Life of Designer Clothes". November 17, 2021. https://elitetraveler.com/shopping-lifestyle/womens-style/how-otrium-is-extending-the-life-of-designer-clothes.
- ↑ "24 Amsterdam-based AI startups that are hiring in 2022". January 17, 2022. https://londonnews.tech/en/article/50268/22-amsterdam-based-ai-startups-that-are-hiring-in.
- ↑ "Fashion Marketplace Otrium Saves Last Season's Styles from Combustion". August 28, 2020. https://www.psfk.com/2020/08/otrium-fashion-outlet-marketplace.html.
- ↑ "Amsterdam-based unsold fashion marketplace Otrium raises $120 million in series C funding, eyes US market entry". March 31, 2021. https://tech.eu/2021/03/31/amsterdam-based-unsold-fashion-marketplace-otrium-raises-120-million-in-series-c-funding-eyes-us-market-entry.
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