|Industry||Jewelry, fashion accessories|
|Founder(s)||Kiyan Foroughi, Avid Larizadeh|
|Products||Jewelry, Handbags, Fashion accessories|
Kiyan Foroughi, a French former investment banker while on holiday in Marrakesh in December 2008, engaged in conversation with jewelry designer Mariam. 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 selling emerging designers like Mariam.
In the company’s first round of funding, Boticca raised $2.5M, led by ISAI and joined by Japanese Internet incubator Digital Garage. 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.
Launching in January 2010, the company takes only a maximum 35% of the sale price, as opposed to the normal online retail model of between 30% to 40%, leaving the creator with 65%. The company garners between 30 to 40 new retail designer applications each week, of which on average just 3 or 4 are then listed on the website. 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. 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.
By January 2011 Boticca was retailling independent designers from over 40 countries, including Estonia, Lebanon, South Korea the United Arab Emirates and Colombia. 755 of the 350 brands sold through the website lead on jewelry, whilst the rest cover accessories such as bags, scarves, belts and hats. 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 Germany.
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