Haute Look announces $31 million financing by Insight Venture Partners

Haute Look is here to stay attracting more than 2.5 million members since its inception since 2007. It is an online company that sells luxury clothing for women, men and children as well as home furnishings and beauty products. The company recently announced a $31 million Series C round of financing led by Insight Venture Partners.

Adam Bernhard, chief executive of Haute Look said that they are able to hot the accelerator and grow the business. The new financing scheme is there to allow the company to increase its inventory, revamp some of the features on the website. Also intended is the introduction of new categories like gourmet food and wine, gym packages and spa services.

The company has not slowed down and turned out very profitable. The company’s sales have reportedly quadruples in the first quarter of this year. The online sales that last a day or two encourage online shoppers to spend more. The site features items form high end designers and has partnered with more than 1000 companies including the well known BCBG and Herve Leger.

Other well known private sale websites include One Kings lane and Gilt Groupe. It’s a new way to shop and the famous and expensive stores like Saks Fifth Avenue have also begun to adopt similar strategies.

via bits.blogs.nytimes

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