A blend of “Olive” and “Vela,” luxury cause-based commerce platform Olivela means growth and wisdom, and now it’s setting sail with $35 million in Series A financing led by Morgan Stanley’s London division, which was announced today.
Founded on a philanthropic business model in 2017, Olivela donates 20 percent of proceeds to charitable causes across the globe with every purchase, stocking more than 300 luxury brands while adding new brands at a pace of 20 per month and more than 15,000 stockkeeping units to date.
Read More: Luxury Retail Meets Philanthropy at Olivela
With the advent of the financing, a renewed focus on women’s empowerment this fall will come alongside a strategy that includes digital and physical expansion, setting sights on the U.S. markets and internal expansion, and the continued build out of its internal product team.
The company operates two stand-alone boutiques in Nantucket, Mass., and Aspen, Colo., with pop-up shops throughout the U.S.
But business development aside, “Most importantly, it will allow us to partner with more causes around the globe, here in the U.S. and locally,” Stacey Boyd, chief executive officer of Olivela, said to WWD, who credits their brand partners, customers and CARE, a nonprofit on the ground supporting development and opportunity for young girls in Jordan. This fall, CARE will be partnering with Olivela to send more than 100 girls to school. Olivela partners with nearly two dozen causes at present.
Since launching its beauty category last year, Olivela has also expanded into ath-leisure, beachwear, denim, home, travel and gifts — adopting a lifestyle orientation with its product mix.
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