BeachMint Announces $35M Round
New Brands for 2012
Beachmint’s innovative approach to celebrity-backed private label product has proved successful as the firm continues to capitalize on room with growth. The most recent funding gained totals $35M from Accel Partners, Goldman Sachs, New World Ventures, Millenium Technology Value Partners and existing investors including NEA, Trinity Ventures, Scale Ventures, Anthem Ventures and Lightbank. This funding brings BeachMint’s financing total to over $75 million to be used to broaden each brand’s global reach, strengthen existing brands, and launch several new brands planned for 2012.
BeachMint’s four existing brands include JewelMint.com, curated by actress Kate Bosworth and stylist Cheryl Coulter, StyleMint.com featuring Mary-Kate and Ashley Olsen at the design helm, BeautyMint.com centering on Jessica Simpson and aesthetician Nerida Joy, and the latest addition, Shoemint.com, converging actress Rachel Bilson’s instinctive style with the skills of stylist Nicole Chavez and shoemaker Steve Madden. Two new celebrity partners are in the works for the coming months.
BeachMint President, Diego Berdakin commented, “It’s clear from our continued traction that BeachMint is at the forefront of a changing paradigm in ecommerce.” And in fact, that paradigm shift is indisputable. From customized email notifications to high quality merchandise, any anxiety surrounding lesser quality in private label diminishes when customers decide to make a purchase. The separate standing of each brand furthers the reality of the distinction between sites rather than a combination of each entity and effective promotions have customers checking back each month. Facebook and social media as it is incorporated into the firm’s marketing strategy increases traction and proves the most solid basis for word of mouth referrals. As a customer of BeachMint brands, I am excited to hear of new collaborations and intrigued as to which direction BeachMint will pursue with clothing, shoes, cosmetics and jewelry already encompassed.
by Natalia Ignaczak
