LOS ANGELES--(BUSINESS WIRE)--Today Italic, a global marketplace that lets consumers shop unbranded luxury goods directly from the world’s best manufacturers, launched to democratize access to high quality products. Ahead of launch, Italic acquired a waitlist of more than 100,000 consumers and raised $13 million from Comcast Ventures, Global Founders Capital, Index Ventures, Kindred Ventures, Ludlow Ventures and a number of individual investors to build out the infrastructure necessary to introduce a new model of commerce to the West.
Before any item is sold, the Italic team strictly vets each manufacturing partner according to extremely tight and exact standards of production, examining prior certifications, working conditions, quality control practices, craftsmanship and sustainability. Manufacturers who pass this inspection often have previously or currently produce for well-known brands, such as Prada, Burberry and Celine. By removing brands from the supply chain, manufacturers are able to earn significantly higher profits while passing on significant savings to consumers without compromising on quality.
“When you buy brand-name products, the majority of what you actually pay for is the marketing - not the design, materials or craftsmanship. Brands have sustained this illusion for decades now, with their customers buying heavily marked-up items and their manufacturers only taking a tiny fraction of each sale,” said Jeremy Cai, Founder and CEO. “We created Italic to introduce a new model of commerce that removes brands and instead aligns with the best interest of its consumers and manufacturers. Our manufacturers gain freedom while making more money, and our consumers who like nice things but don’t like paying a premium for a name finally have an option.”
How Italic works:
-
Become a member: Sign up at Italic.com to gain access to its
marketplace of more than 100 exclusive products made by some of the
world’s top manufacturers (with new products launched monthly)
available only to members.
- Italic is offering a free annual membership worth $120 to those who sign up in 2018.
- Members can invite two people to skip the line and instantly gain access.
-
Buy no more than two items a month: Members are limited to
purchasing two items each month due to limited quantities. Categories
available at launch include:
- Handbags and small leather goods from the same factories as Prada, Christian Louboutin and Givenchy
- Eyewear from the same factory as EssilorLuxottica
- Bedding from the same factories as Ritz Carlton and Four Seasons
- Leather jackets from the same factory as J Brand
“Italic sits in the middle of two important forces: the rise of direct to consumer commerce in the United Stages, and global trade flows enabled by technology," said Daniel Gulati, Partner, Comcast Ventures. "We believe Jeremy and team are putting robust software in the hands of top-tier manufacturers around the world for the first time. By doing so, they are creating an exciting new shopping platform. We are excited to see the impact Italic will have on both suppliers and consumers."
In a world with rising consumer purchasing power and unpredictable global trade, Italic manufacturers are able to access the end consumer for the first time in modern retail history. Manufacturers earn significantly higher margins, protect against solely relying on a small handful of clients for their livelihoods and gain real-time performance data through selling directly on Italic.
“Consumers are increasingly savvy shoppers and more open to experimenting with new products than ever before. The opportunity to introduce unbranded luxury products at incredible value to consumers was a very exciting proposition from Italic," said Ludwig Ensthaler, Partner, Global Founders Capital. "Italic is more than just a marketplace, introducing an entirely new way of shopping to consumers. We are excited for Jeremy and the team he has assembled to take on the challenge of shifting modern ecommerce as we know it."
Italic was founded by a group of product designers, technologists, operators and manufacturing experts with a combined 70 years of experience working for brands including Calvin Klein, Patagonia, Shopify, Pinterest, Snap and Wayfair. Combining tradition with technology, the Italic team are aligned around the common goal of reinventing commerce for the greater good.
To sign-up and learn more, visit Italic.com.
About Italic
Italic is a marketplace that lets consumers shop luxury goods directly from the world's top factories. By removing brands and labels from the equation, manufacturers earn higher margins and Italic passes “brand markup” savings onto customers. Founded in 2018 by CEO Jeremy Cai, Los Angeles-based Italic has raised $13 million in venture funding from Comcast Ventures, Global Founders Capital, Index Ventures, Kindred Ventures, Ludlow Ventures and a number of individual angel investors. Visit Italic.com to sign up and learn more.
