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From day one, the team behind accessories and apparel e-commerce hub Modnique set out to capture the international market, CEO Einaras von Gravrock said. What started with an English-language site that offered international shipping on largely discounting fashion items has now grown into a business with customers in 150 countries and support in three languages.
This week, Modnique (whose name fuses “modern” and “unique”) launched a site dedicated to Russian customers, with attention given to local language and style preferences. While 55 percent of Modnique’s sales come from outside the U.S., a full 10 percent are focused in Russia and Ukraine.
“We are particularly popular in countries where there are limited e-commerce or retail options,” said von Gravrock. “We also offer internationally renowned designer brands such as Dolce & Gabbana, Louis Vuitton, Karl Lagerfeld, Dior, as well as regionally known European brands such as Stefanel, Custo Barcelona, Almatrichi, Angels Never Die, and Dogo.”
Perhaps the most remarkable thing about Modnique though, is how much the company has grown since 2011 with no outside funding to date.
Today, Modnique has 300 employees in five offices spanning four countries. Other than $24.5M raised in debt this June, Modnique is thus far privately funded. That is about to change, though; von Gravrock says the company is ready to go out for venture funding now.
This is certainly necessary, at least in part, to support the growth of Modnique’s team. Whereas the company has been self-sufficient until now, further plans to open more localized sites — the locations of which are still under wraps — in 2014.
In July, Modnique expanded into the kids’ apparel space with its acquisition of Totsy, a discount childrens’ retailer that was failing at the time. By donating what remained of Totsy’s inventory at the time, Modnique did some good, saved the cost of shipping items from New York and got hold of Totsy’s database of more than 4 million customers.
Now, Modnique is moving away from its original flash sales model and focusing on permanent collections called “Shops.” With quicker shipping times and a less frenetic pace, Shops offer customers a more traditional way to buy women’s, men’s and kids’ goods.
With more localized sites and a round of venture funding on the horizon, Modnique seems poised to continue on its already promising trajectory. Looking ahead, the only question is which country Modnique will take over next.
