Forever 21 makes big investment in hot trend
A fast-fashion retailer wants in on the increasingly popular monthly subscription box segment.
Forever 21 is investing in a start-up DailyLook, a fashion subscription service based in downtown Los Angeles. This is the company’s first investment in a start-up company, according to The Los Angeles Times.
While the fast-fashion company is leading the $8 million investment, it is joining forces with local venture capital fund Upfront on the in-vestment. As part of the deal, Alex Ok, Forever 21’s president, will join DailyLook’s board, the report explained.
For a $40 fee, DailyLook’s stylists assemble a personalized box of seven to 12 items, which is shipped to a customer’s home. Customers choose which pieces to keep or send back. The stylist fee goes toward the final bill.
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