Update: According to a trusted industry source, LVMH has actually acquired Luxola wholesale as opposed to earlier reports hat it was just an investment.
Singapore-based e-commerce platform Luxola can now count France-based luxury brand LVMH as one of its investors after an undisclosed investment into the former by LVMH’s cosmetics subsidiary Sephora.
So far, it has raised US$15.6 million in four rounds of funding, the last being a US$3 million round in May 2014 from F&H Fund Management and QueensBridge Venture Partners. Gree Ventures has also participated in earlier rounds.
Founded in 2011, Luxola pegs itself as a one-stop shop for various beauty products and accessories. It has activities in 11 markets carrying over 250 brands.
The company currently employs 120 people.
What the players had to say
According to Anne-Véronique Bruel, President of Sephora Asia,”Investing in Luxola is a unique opportunity to penetrate the online beauty market and accelerate Sephora’s growth in Southeast Asia. We are thrilled to welcome Luxola to the Sephora family.”
“Sephora’s investment enables us to take this vision further. With greater market reach and brand depth, we will offer an unparalleled customer experience,” said Alexis Horowitz-Burdick, CEO of Luxola.
Speaking to e27, Kuan Hsu of Gree Ventures, an early investor in Luxola, said, “We are very proud to have worked with Alexis and her team, and of what they have achieved. The road of an entrepreneur is an arduous one, but I hope that Luxola serves as an inspiring tale to other founders in the region.”