Privalia to Expand in LatAm after Round of Financing
Spain-based private sales club Privalia, which sells branded clothes and accessories at discounted prices has closed a new round of USD 32 million to expand in Latin America, according to TechCrunch.
Privalia currently operates in Spain, Italy, Germany, Mexico and Brazil. The company said in a press release that sales in Mexico grew by more than three digits in 2012, and that Brazil is its main operating unit by sales volume. Its business grew 32% in 2012, with total revenues of USD 543.5 million.
The new financing brings Privalia’s total funding to date to $251 million. It also adds a new investor, with Belgian-based fund Sofina – also an investor in European online shoe retailer Spartoo. According to Crunchbase, the company has previously raised a total of $218 million in two rounds, taking place in 2010 and 2011.
Other prior investors include La Caixa Capital Risc, Nauta Capital, Highland Capital Partners, General Atlantic, Insight Venture Partners, Index Ventures, the founders of dress-for-less Mirco Schultis and Holger Hengstler, and José Manuel Villanueva and Lucas Carné, the two co-founders of Privalia.