Three months after securing $12 million in new financing, Laced is ready for expansion.
On Thursday, the London-based online platform for buying and selling coveted sneakers revealed it is now available to buyers and sellers in Europe. Now, consumers in the European Union have access to Laced stock across both Europe and the U.K. as well as the company’s authentication capabilities, same-day order processing and same-day-as-sale payouts.
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As part of the expansion, the company has started to accept a number of new currencies, and now processes transactions in euros, dollars and Emirati dirhams alongside British pounds. The sneaker reseller has also launched dedicated French and German language websites, ahead of rolling out specific Italian and Dutch sites later in the year.
To facilitate this expansion, Laced added that it will grow its current staff of 80 employees by at least 25 percent, creating a number of jobs on the continent, in departments such as content marketing, operations and logistics.
For Chris Gibbons, the founder and CEO of Laced, this expansion comes with “immense pride” as the platform continues to grow. “Half a decade after launching in the U.K. and having become the most trusted resale site in the country, it’s with immense pride that we are now expanding into Europe,” he said.
Gibbons clarified to FN that while Laced has always shipped globally, the company was not able to give international users a transparent way of seeing their tax and duty costs, nor had the ability to display local currencies in an efficient way. “However, this is the work we’ve been working hard to produce as you’ll now find live on Laced.com,” the CEO told FN.
Gibbons started Laced in 2018 with the mission to connect buyers and sellers of rare, exclusive and desirable sneakers and luxury goods. Now, the company has surpassed $100 million in gross merchandise value on the platform and is looking for more ways to keep up the momentum.
“At the heart of the Laced platform and mission lies our belief that everyone, wherever they are, should be able to go online, purchase luxury goods and have them delivered to their door in the easiest way possible,” Gibbons added. “Expansion into Europe means we will be putting more genuine items in the hands of more customers, which has been our goal from the very start.”
This expansion comes after the company secured $12 million in Series A financing in May led by London-based early-stage investment firm Talis Capital, which previously led Laced’s seed round. Other Series A investors include H&M Group Ventures, the investment arm of H&M Group. The company has raised over $17 million to date.
In conjunction with its latest round of funding in May, Laced also unveiled new branding, colors and logo in collaboration with creative agency SomeOne, as well as a new typeface designed by Colophon. Laced said that this new brand identity “represents the company’s mission to democratize access to some of the most sought-after luxury products.”
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