Joor, a leading wholesale platform and data exchange headquartered in New York, recently announced a significant milestone by securing $16 million in funding through a Series C round. This recent investment brings the total funding for the company to an impressive $36 million. The funding round was led by the renowned Japanese corporation Itochu, in partnership with existing investors Canaan Partners and Battery Ventures. This financial boost will enable Joor to further expand its operations into the Asian market and drive continuous innovation in its products and services for brands and retailers globally.
Itochu, a major player in the fashion industry, manages a diverse portfolio of over 150 U.S. and European brands in Japan. With this new partnership with Joor, Itochu will leverage the platform to introduce new international brands to the Japanese market, while simultaneously providing access to its existing brand portfolio for Joor. The collaboration between these two industry giants aims to harness Joor’s cutting-edge technology and expansive marketplace to create growth opportunities for brands in Asia, fostering a more interconnected and dynamic fashion ecosystem.
Yoshihiro Fukushima, executive officer of Itochu, expressed his high regard for Joor’s technology and marketplace, underlining Joor’s strategic position as the ideal partner for Itochu to venture into the Japanese market. With a prestigious client base that includes luxury powerhouses such as LVMH, Balenciaga, and Alexander McQueen, Joor has demonstrated its ability to drive growth in the wholesale sector by meeting the increasing demand for digital solutions that enhance the industry’s evolution.
Kristin Savilia, the CEO of Joor, emphasized the company’s overarching mission to unite the fashion industry on a singular platform. The partnership with Itochu will provide Joor with the necessary expertise and support to establish a strong foothold in the lucrative Asian market. This strategic move comes at a propitious time, as Japan’s luxury market continues to thrive, ranking as the second largest market globally after the U.S., with substantial annual expenditures on luxury goods.
According to a report by McKinsey & Co., Japan’s luxury market is poised for steady growth of 3 to 4% in the near future, fueled by a growing interest among consumers in high-end fashion trends. Joor’s impressive track record, having facilitated $23 billion in gross merchandise volume through 3.68 million orders, with nearly half of these transactions occurring in the past year alone, underscores the company’s strong momentum in the market. With the expansion into the Asian market, Joor aims to capitalize on the region’s burgeoning luxury market and solidify its position as a leading B2B marketplace in the fiercely competitive fashion industry.
For further information on Joor and its strategic partnership with Itochu, please visit Joor’s official website. Additionally, to explore more insights on the booming luxury market in Japan, you can refer to the report by McKinsey & Co. here.
