One of the fastest growing internet clothing retailers, The Iconic, have been successful in securing further funding from Summit Partners, a US based investment firm. The funds will be used by the company to further accelerate the company’s plans for rapid expansion.
The investment from leading equity investor Summit Partners is in the amount is $25 million and will come via the German holding company called Rocket Internet. This further increases the investment in the company after investment giant, J.P. Morgan last year pumped in $19 million into the company.
Summit Partners chose to invest in The Iconic because they saw long term value in the company and that they were thrilled to be investing in the company.
With the funds, the inevitable question is whether the company intends to expand to overseas markets. Managing director, Finn Haensel, has commented that that may be a strategy in the future however in the short term they were looking to shore up their local operations.
The Iconic offers a great range of clothing and will also frequently make available a The Iconic promotion code code for you to use on your purchase.