Apparis, a New York-based vegan fashion brand known for its cruelty-free fur coats, yesterday announced the closing of $3 million in seed round funding. The investment aims to support the conscious fashion brand in its mission to become a high-end key player in the rapidly growing vegan fashion market.
According to a recent report by Grand View Research, the global vegan women’s fashion market size was valued at US $396.3 billion in 2019 and is estimated to grow at a CAGR of 13.6% from 2020 to 2027. In this context, North America dominated the vegan fashion sector and accounted for 34.6% share of the global revenue in the last year.
Founded in 2016 by Amelie Brick, previously a Louis Vuitton business manager, and Lauren Nouchi, ex-Saint Laurent merchandiser, Apparis was launched to address unethical manufacturing practices in the fashion industry. Often, luxury fashion brands in particular are far behind in the formation of a vegan philosophy.
The success of Apparis speaks for the vegan transition, as the consistently sold-out label is now available at over 500 stores in the US and in 20 countries. The ethical brand will announce a series of high-profile brand collaborations later this year, while it recently expanded to include vegan leather, vegan knitwear, accessories, and homewear. In addition, Apparis plans to establish a DTC strategy soon and further intends to grow its business across North America and worldwide using the newly generated investment.
Speaking about the company’s previous achievements and its future potential, Shana Fisher, Managing Partner at Third Kind Venture Capital, said: “In just four years, Apparis has disrupted the fashion industry. The co-founders bring a unique mix of business and design genius which has allowed Apparis to become a powerful multichannel brand. We look forward to continuing to support their expansion in the US and globally.”