Online plus-size fashion retailer navabi nabbed EUR10 million in a Series C funding round. The German startup's funding round was led by private equity firm Index Ventures. According to the startup, proceeds from the funding round will be geared towards expansion in new international markets over the next few years. navabi also said that it intends to explore other categories in fashion aside from its premium apparel offerings to entice demand in its plus-size customers.
Index partner Dominique Vidal commented on navabi's latest funding round and said, "We are excited to partner with navabi. They have built a very desirable loyal customer base. They are very well positioned to becoming the leader in this large underserved market, building an inspirational and aspirational brand in Europe and beyond."
Striving to become the top premier online site for designer plus-size apparel, navabi's online interface is designed like a fashion boutique site to attract its potential customers. The German online retailer sells clothes from a wide range of popular fashion brands that include Anna Scholz, Manon Baptiste and Roberto Cavalli White. It also has its own home label apparel that sells clothes. Clothing sizes of all apparel that are sold on navabi range from sizes 12 to 28.
According to TechCrunch, the plus-size fashion market has been underserved by traditional brands and retailers, and that as more waistbands expand, the market share of plus-size apparel in the clothing market would presumed to increase as well.
Data by Mintel market research, cited by navabi, suggested that the market for plus-size apparel was huge in Europe, which was estimated that over half of the female population wears plus-size clothing. Mintel itself also predicted that the UK market alone would grow from GBP3.81 billion in 2008 to GBP6 billion by 2015, with the plus-size segment growing faster than sales in traditional apparel.
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