Plus-size fashion shop Navabi, which is headquartered in Germany, has announced a fresh funding round of €25 million, led by Bauer and Index Ventures.
With average annual growth rates of over 120%, Navabi claims over 50% of women in Europe now wear plus-size clothing. The new cash injection will be used to cover international markets and develop Navabi’s own label. The recent round is inclusive of an advertising budget with Bauer Media, and this particular deal will firmly place premium plus-size fashion in the mainstream media.
Bahman Nedaei, co-founder of Navabi, commented, “We are thrilled to have Bauer Venture Partners on board as an investor. The combination of a cash investment and advertising budget makes total sense for Navabi at this stage of our growth. Bauer has great connections to female consumers and this deal will help us to expand and develop our offering, while reaching millions of potential new customers.”
Joint co-founder Zahir Dehnadi, commented: “The premium plus-size market is the biggest untapped e-commerce sector and has the fastest growth rates in fashion. We are the pioneers and leaders in this market. We have grown rapidly over the past six years and have built an insanely passionate company. This latest fund will enable us to continue our mission of providing plus-size women with the quality fashion they desire but the industry to date has largely failed to deliver.”
In the UK, Google searches for ‘plus size’ were up 21% in the last three months of 2014. Worldwide, Google searches for plus sizes were up 14% last year, and up 45% compared to three years ago.
Thomas Preuay, Managing Partner of Bauer Venture Partners, stated, “Navabi is transforming e-commerce and fashion for so many women. This investment, for us, represents a firm belief in not only Navabi’s robust business model but also the companies aim of providing plus size women with premium clothing apparel.”
Thomas Preuay, Managing Partner of Bauer Venture Partners, commented: “Navabi is transforming e-commerce and fashion for so many women. This investment, for us, represents a firm belief in not only Navabi’s robust business model but also the companies aim of providing plus-size women with premium clothing apparel.”
Since launching, Navabi has experienced strong growth rates per year of on average +120%. Now 30% of Navabi’s turnover comes from the UK and other international markets. Co-founded in Germany by serial entrepreneurs Zahir Dehnadi and Bahman Nedaei in 2009, Navabi and its 150+ strong team are increasingly satisfying the needs of style-savvy plus-sized women across the globe. The company trades in more than 30 countries, including the UK, Germany, France and the US.
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