Jan 18, 2022
Gen Z-focused Heat mystery fashion box platform gets funding from LVMH, Antler
Jan 18, 2022
High-end streetwear mystery box specialist Heat has received a $5 million seed funding investment from a group led by LVMH Luxury Ventures and venture capital firm Antler as it seeks to expand.
The Gen Z-focused company was founded only in 2019 by Joe Wilkinson and Mario Maher, and its #Heatbox was claimed to be the first luxury fashion mystery box globally.
Since then, it has bought unsold inventory from over 60 luxury labels — including Off-White, Palm Angels, Amiri, Billionaire Boys Club and Casablanca — and it has a heavy focus on sustainability. Labels owned by LVMH are also expected to be available via the platform.
It hypes the individual drops via Instagram and YouTube and its customers get a monthly mystery box of products that are rarely discounted. Pricing is discounted but not at bargain basement levels — products worth $675 will be sold for $400, for instance. They tend to sell out very fast.
It has over 600,000 Instagram followers, and has sold around 20,000 of its boxes (containing 100,000+ SKUs).
CEO Wilkinson said the company wants to “disrupt the traditional approach to luxury fashion” and will be using the new investment cash to “create innovative and immersive e-commerce experiences – implementing gamification, AI-driven personalisation, and interactive drops – all whilst driving sustainability”.
Antler partner Martell Hardenberg called it “one of the greatest opportunities in luxury retail with consumer behaviour changing dramatically over the coming years”.
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