Monogram, a leading specialist in the sale of high-end and luxury second-hand products, has achieved a major milestone by securing nearly €3 million in its first round of financing. This significant funding was obtained from HWA, a family office, as well as four other business angels. The success of this fundraising round demonstrates Monogram’s commitment to its ambitious objectives.
Instead of selling the company, founder Beverly Sonego decided to raise funds for Monogram, stating that it was still too early for the company to be acquired. The fundraising process began in the autumn and concluded in December, with Monogram successfully securing its partners for the first round of financing. These investors not only provide financial support but also bring valuable expertise to help drive Monogram’s development projects forward.
Monogram has identified three key areas for growth acceleration. First and foremost, the company will prioritize recruitment as it plans to relocate to new premises in Levallois-Perret and hire approximately fifteen new employees. To facilitate this expansion, Monogram has already appointed a human resources manager, and recently welcomed a marketing director and technical director to its team. Strengthening its workforce will ensure that Monogram has the necessary expertise to achieve its goals.
The second area of focus for Monogram is the enhancement of its technical infrastructure. While the company has already invested in digitizing its operations, it aims to become a more technology-based and ‘phygital’ (physical-digital) organization. This involves improving the user experience on its website, enhancing customer relationship management (CRM) tools, and refining online product authentication processes. Additional investments are planned for pricing tools, content management systems, and potentially the launch of a dedicated application in the future.
Furthermore, Monogram has ambitious plans to expand its presence beyond France. While it launched its first shop in Paris last year and currently has a presence at Galeries Lafayette Haussmann, Monogram is now exploring different formats such as Maison Russe and La Vallée Village. The company also recently opened a pop-up store in Belgium and has intentions to open more in London, Milan, and Barcelona. Moreover, Monogram aims to establish points of sale in Morocco, Israel, and Dubai by 2024. These international expansions will be pursued through partnerships and by leveraging neighboring markets like Luxembourg, Switzerland, and Germany.
Monogram expects that its efforts to accelerate growth will yield significant results by 2023. After achieving a turnover of €9.5 million in the previous year, the company is striving to reach €15 million by 2023. The fundraising round has brought about notable changes within the company, including a comprehensive analysis of performance indicators, customer experience, logistics, and the implementation of radio-frequency identification (RFID) solutions. While undergoing a restructuring of its management team, Monogram has remained committed to its core values.
The successful completion of the fundraising round not only provides Monogram with the necessary funds for its growth plans, but also instills confidence in the company’s direction. In a challenging investment landscape, Monogram’s roadmap has attracted funding and positions the company for double-digit growth in the coming months. With a clear vision and strong financial backing, Monogram is well-positioned for success in the luxury second-hand market.
Useful links:
– Monogram Official Website
– Galeries Lafayette Official Website
