French accessories brand Destree, previously known as D’Estrëe, has recently secured a Series A funding round to support its expansion plans and venture into physical retail. Founded in 2016 by Géraldine Guyot and Laetitia Lumbroso, Destree has already attracted renowned investors including Beyoncé and Rihanna.
Initially gaining recognition in the fashion industry for its hats and handbags, Destree has gradually expanded its product range to include a jewelry line influenced by contemporary art. The brand’s unique and imaginative designs have resonated with consumers, leading to its availability in approximately 80 exclusive retailers.
The funding round, which was primarily led by Sequoia Capital China, has not disclosed its exact value. However, it will enable Destree to establish its first physical stores, including a location on Rue du 29 Juillet in Paris slated to open in June. Guyot and Lumbroso, the co-founders, will retain a majority stake in the brand.
Destree has set an ambitious target of generating 80% of its revenue through direct sales, compared to the current 60%. To achieve this objective, the company plans to open a store in China or potentially even in New York. Guyot, one of the founders, has had significant exposure to New York due to her husband’s involvement with Tiffany & Co. following its acquisition by LVMH.
The involvement of high-profile investors such as Beyoncé, Rihanna, Reese Witherspoon, and Gisele Bündchen in Destree’s funding round serves as a testament to the brand’s potential and celebrity allure. With this injection of capital, Destree is well-positioned to expand its global presence and solidify its standing within the fashion industry.
Useful links:
– Destree Official Website
– Business of Fashion
