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NEW FUNDS: The British accessories label The Cambridge Satchel Co. has raised $21 million in funding from the venture capital firm Index Ventures. Julie Deane, the company’s founder, said that the funding would enable the brand to build its digital presence — with immediate plans to appoint a new head of digital at the firm — along with developing its presence internationally and growing its manufacturing base.
“I feel like I’ve really taken my time,” Deane told WWD of her decision to take on outside investors for the first time. “[The] digital [sphere] is where we belong, and when it comes to digital, no one is close to how good [Index Ventures] are; they understand digital so well.” She pointed to how the firm has helped the online fashion business Nasty Gal to grow, following its $50 million investment in the retailer.
Alongside recruiting a head of digital, Deane also plans to build a senior management team and is looking at expanding the label into China. The brand is also developing foreign language version of its Web site, after performing particularly well in areas such as Russia and the Middle East.
Deane’s label, which specializes in leather satchels manufactured in England, has stores in London’s Covent Garden, Cambridge and a pop-up store on East London’s Lamb Street, and counts Bloomingdale’s, Henri Bendel, Harrods and Selfridges among its stockists.