Investors are still banking on Lauren Santo Domingo's preorder e-commerce site, Moda Operandi. The operation just raised another $20 million from existing investors, including LVMH and Condé Nast (which has recently started laying the groundwork for its own e-commerce venture).
The company told WWD it plans to use the money on more inventory, ramping up technology, expanding mobile and relaunching the site.
The news comes on the heels of a few internal changes. CEO Aslaug Magnusdottir left in May and was replaced in October by Deborah Nicodemus. Also in October, Taylor Tomasi Hill announced her exit from the company.
At least we know their departures weren't due to the company's performance: Revenue went up 130 percent this year. October was its biggest month yet, and Black Friday and Cyber Monday saw a sales increase of 400 percent.
The growth is also thanks in part to the addition of a traditional e-commerce section selling current-season goods -- an expansion made possible by last year's $36 million funding round. Nicodemus and Santo Domingo say the "boutique" section accounts for 40 percent percent of revenue, which is pretty significant considering the feature only launched this year. But don't expect Moda to completely switch over to the model: “The boutique business didn’t cannibalize the trunk show business," Nicodemus told the trade publication. "What we found out was that there were three groups: the boutique customer, the trunk show customer and the customer that intersects between both.”
Moda had no further comment on the news.