Handbag brand Dagne Dover has raised $1.25 million. Investors in the seed round included David Bell, Fabrice Grinda, Dominic Cioffoletti, 2020 Ventures and First Round Capital‘s Dorm Room Fund.
Dagne Dover, the handbag brand aiming to solve women’s biggest handbag problems, has raised $1.25 million in a seed round by investors across fashion, e-commerce and tech, including David Bell, Fabrice Grinda, Dominic Cioffoletti, 2020 Ventures LP, and First Round Capital’s Dorm Room Fund. Capital raised will allow the brand focus on growth initiatives such as hiring, scaling inventory to meet customer demand and expanding upon its current collection. Additionally, Dagne Dover is also announcing that its signature collection, consisting of the Tote and Clutch-Wallet, has been re-stocked online, following seven months being sold out due to high demand.
Founded in 2012 by retail and handbag industry veterans Melissa Mash, Deepa Gandhi, and Jessy Dover, Dagne Dover was the result of a frustration with the lack of handbag options that fulfilled the modern woman’s busy lifestyle needs. In March 2013, Dagne Dover released its signature collection for pre-orders, generating nearly $40,000 in sales in its first three months alone. In November 2013, after only nine months on the market, Dagne Dover sold out of its entire inventory.
“In 2013 we spent basically nothing on marketing – organic demand for our brand was incredible. We were constantly trying to keep up our New York City production with demand. This round of funding will go directly towards large-scale inventory and new team talent,” says Melissa Mash, CEO of Dagne Dover. “We were never in this to just be another e-commerce handbag company — we’re building a brand that we intend to grow into a household name as big as Coach, Michael Kors or Kate Spade.”
Using the highest quality materials, Dagne Dover marries style with practicality to create the ultimate handbag for the on-the-go consumer. The handbag’s signature material is coated canvas, which is durable, lightweight and weatherproof, akin to many luxury brands currently on the market. A unique organization system built into each handbag provides a place for daily necessities, with special compartments for a water bottle, laptop, keys, pens, wallet, ID and phone – providing a total of 17 different features that are unique to Dagne Dover. Based on focus group research, the main concern from consumers has been filling the gap for a versatile staple bag – for which Dagne Dover provides the perfect solution.
“Having witnessed women’s powerful attraction to their bags, the team has demonstrated the power of fashion brands that don’t just focus on fashion but on also solving consumers’ biggest pain points.” says David Bell, Wharton School marketing professor and author of Location is Still Everything: The Surprising Influence of the Real World and How We Search, Shop, and Sell in the Virtual One, a key investor in Dagne Dover. “Melissa, Deepa and Jessy have fantastic complementary backgrounds from the retail industry, and they’re attacking the handbag space — a market that’s overdue for an option that answers the biggest handbag problems of the modern consumer.”
For more information on Dagne Dover, please visit http://www.dagnedover.com.
ABOUT DAGNE DOVER
Founded in 2012 by former Coach veteran Melissa Mash, Deepa Gandhi and Jessy Dover, designer and previous winner of the Coach Accessories Design Competition, Dagne Dover aims to solve the most common handbag frustrations with thoughtfully-designed interiors paired with classic luxury silhouettes. Combining years of fashion industry expertise with insight into the modern woman’s lifestyle, Dagne Dover provides practical luxury at an affordable price point.