Canadian e-commerce platform Ssense has recently announced a significant investment from Sequoia Capital, a renowned investment firm. This strategic deal values Ssense at over C$5 billion and marks the first external funding round in the company’s history, which spans 18 years. While Ssense primarily focuses on high-end fashion and streetwear, this investment will propel its global growth, particularly in the lucrative Chinese market.
Neil Shen, a Steward at Sequoia Capital, lauded Ssense for its exceptional ability to bridge the gap between brands and millennial and Gen Z consumers. He emphasized the importance of supporting the fashion industry’s digital transformation and recognized Ssense as a key player in that regard. As part of the agreement, Angelica Cheung, Venture Partner for Sequoia Capital China, will join Ssense’s board, bringing valuable insights and expertise.
CEO Rami Atallah expressed his enthusiasm for the partnership, highlighting the shared vision between Ssense and Sequoia Capital in pushing boundaries and driving future growth. This investment comes at a challenging time for the fashion industry, given the impact of the ongoing pandemic. However, companies like Ssense that possess a strong value proposition and forward-thinking strategies continue to attract significant interest from investors.
It is worth noting that the fashion sector has seen other recent successful IPOs and investments, reflecting its resilience and adaptability in the face of digitalization and innovation. Notable brands that have recently garnered attention include Dr Martens, ThredUp, InTheStyle, Mytheresa, Birkenstock, Goat Group, Depop, Vinted, and StockX.
The fashion industry’s ability to weather difficult times and embrace digitalization underscores its determination to remain relevant and evolve with changing consumer demands. By securing this substantial investment from Sequoia Capital, Ssense is poised to further strengthen its position in the e-commerce market while expanding its reach into new territories.
Useful links:
1. Ssense official website
2. Sequoia Capital official website
