THE LIST says the funding will be used to strengthen its technology development and build an entire m-commerce ecosystem.
The company will invest in developing its mobile solutions and use AI-based personalisation and machine-learning elements in order to optimize the customer experience.
Additionally, the ecommerce startup is also in the process of opening their technology hub in Lisbon, an objective they aim to achieve in the Q2 of 2018.
THE LIST brings curated luxury products from global boutiques to the Middle East, enabling customers to shop from the streets of Paris, London, Milan, New York, Moscow or Tokyo.
In this way, the platform enables physical stores to transform into ecommerce companies and reach customers worldwide, particularly in the Middle East, which finds a place among the markets for luxury goods.
THE LIST (founded in March 2016) initially was a digital platform connecting retailers and customers, but then pivoted to handle the entire payment and logistics.
The company noticed that certain brands and products were either not available in the Middle East or only at marked up prices, and also that global luxury retailers were slow in jumping on to the ecommerce bandwagon.
THE LIST has a unique product mix of top luxury brands such as Gucci, Balenciaga, Saint Laurent, Rolex, Cartier, and rare vintage pieces from the likes of Louis Vuitton, Chanel and Hermès, among others.
Through its omnichannel model, the company can onboard new, international brick-and-mortar retailers, launch their merchandise much faster than traditional online retail, and also scale into new markets faster.
Since it doesnt buy inventory, the company is also able to offer a greater variety of products compared to regular ecommerce businesses.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now