Boticca

Boticca
Private
Industry Jewelry, fashion accessories
Founded October 2009
Founder Kiyan Foroughi, Avid Larizadeh
Headquarters London, England
Area served
 Global
Products Jewelry, Handbags, Fashion accessories
Website Boticca.com

Boticca is a London-based retail website for jewelry and fashion accessories, that features a selection emerging fashion designers.[1][2][3][4]

History

Kiyan Foroughi, a French former investment banker while on holiday in Marrakesh in December 2008, engaged in conversation with jewelry designer Mariam.[5] Living in the Atlas Mountains, Mariam travelled to the souq in Marrakesh three times a week to sell her jewelry, mainly to tourists. Foroughi decided to launch a retail website with co-founder Avid Larizadeh selling emerging designers like Mariam.[6]

Since launching in January 2010,[2] the company has featured in Vogue,[4] been selected by Lady Gaga for her 2011 European tour,[3] and worn by Kate Moss, Cameron Diaz and Jessica Alba.[4][7]

In the company’s first round of funding, Boticca raised $2.5M, led by ISAI and joined by Japanese Internet incubator Digital Garage.[8] In its second round in September 2013 it raised an additional $4 million (£2.44m), led by UK venture capital firm MMC Ventures, and high-net-worth individuals, including Sina Afra.[6]

In April 2014, co-founder Avid Larizadeh, left Boticca operationally in her role as COO while remaining a founding shareholder of the business.

In September 2014, Boticca unveiled a fully rebranded website with major UI improvements, a novel content strategy, a shipping partnership with DHL and the appointment of Dave Killeen (formerly Product Lead at Badoo and Executive Product Manager for the BBC iPlayer) as Product Director.[9] The new website has received strong reviews for its usability, innovative approach to content and customer service.[10]

In October 2014, Boticca appointed former Liberty Fashion Director and MyWardrobe Buying and Merchandising Director Luisa De Paula as the new Fashion & Brand Director.[11]

In August 2015, the Boticca was acquired by Wolf & Badger. [12]

Operations

Launching in January 2010, the company takes only a maximum 35% of the sale price,[6] as opposed to the normal online retail model of between 40% and 50%, leaving the creator with 65%.[6] The company garners between 30 and 40 new retail designer applications each week, of which on average just 3 or 4 are then listed on the website.[6] The company also sources through two in-house style hunters, who through researching through web, magazines, blogs, trade shows and fashion weeks spot new talent, and hence source around 90% of the newly listed product.[6] Global designers can apply to be featured, but all designers must uphold the "Designer Charter" in order to ensure quality of both product and customer service.[13]

By January 2011 Boticca was retailling independent designers from over 40 countries, including Estonia, Lebanon, South Korea the United Arab Emirates and Colombia.[1] 155 of the 350 brands sold through the website lead on jewelry, whilst the rest cover accessories such as bags, scarves, belts and hats.[6] After the second round of fund raising, the company launched Boticca.fr in September 2013, making France the companies' third biggest market after the UK and United States.[6]

Awards

The Independent rated it first in their 2014 survey of the top six jewelry retail websites.[14]

References

  1. 1 2 Kabir Chibber (31 October 2010). "High fashion learns to love selling online". BBC News. Retrieved 2011-01-25.
  2. 1 2 Eric Pfanner (21 November 2010). "Luxury Brands Tailoring Approach to the Web". New York Times. Retrieved 2011-02-25.
  3. 1 2 "Running risk It cause cel". Daily Mail. 29 November 2010. Retrieved 2011-02-25.
  4. 1 2 3 "Bijoux Bar at Boticca". Vogue. 24 November 2010. Archived from the original on 27 November 2010. Retrieved 25 February 2011.
  5. ↑ "About Us". Boticca. Retrieved 2011-01-25.
  6. 1 2 3 4 5 6 7 8 Kathryn Bishop (17 January 2014). "How Boticca became the world's local jeweller". Professional Jeweller. Archived from the original on 13 February 2014. Retrieved 6 February 2014.
  7. ↑ "I-Spied". Telegraph Fashion. 29 November 2010. Retrieved 2011-02-25.
  8. ↑ By Julie Klein, VentureBeat. "Deals & More: Boticca gets $2.5M to help shoppers discover indie jewelry." 16 May 2011.
  9. ↑ "Archived copy". Archived from the original on 7 October 2014. Retrieved 2014-10-23.
  10. ↑ https://www.trustpilot.co.uk/review/boticca.com
  11. ↑ http://www.retail-jeweller.com/news/boticca-appoints-luisa-de-paula/5065304.article?blocktitle=LATEST-NEWS&contentID=3379
  12. ↑ "Wolf & Badger merges with Boticca to create global omni-channel powerhouse". ProfessionalJeweller.com. Retrieved 2015-08-06.
  13. ↑ Tsosis, Alexia (29 October 2010). "Boticca, An Online Marketplace For More Original Accessories". Tech Crunch. Retrieved 2011-02-25.
  14. ↑ "What a gem! 6 best online jewellery shops". The Independent. 6 February 2014. Retrieved 6 February 2014.
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