California Apparel News

The global technology platform Ssense has received a minority investment from Sequoia Capital that will afford the Montreal-headquartered firm a post-money enterprise value of over CA$5 billion, or US$ 4.1 billion. Proceeds of the transaction will be applied to the 18-year-old Ssense’s global growth strategy.

“Ssense was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world,” said Rami Atallah, co-founder and chief executive officer of Ssense. “I’m grateful to be surrounded by a diverse, world-class team who continues to contribute to the ongoing success of Ssense. We’ve found a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth. Together, I’m confident we’ll strengthen the strategic, operational and technological foundations to achieve our bold aspirations.”

A family-founded brand that was created by Atallah and his brothers, Firas and Bassel, Ssense produces content and features an e-commerce component. Ssense is focused on the luxury space as a destination that boasts established and emerging brands in women’s, men’s, children’s and a category it has branded as Everything Else, which includes homeware, technology, activity, self-care, pet goods and products from other markets. The privately held company generates 100 million monthly page views on average through its audience aged 18–40 and enjoys high double-digit annual growth and profitability.

Upon completion of the transaction for this first round of external funding, Ssense’s first in its history, Sequoia Capital China Venture Partner Angelica Cheung will join the Ssense board of directors.

“We are thrilled to become the first outside investor and partner with Ssense. Under the leadership of brothers Rami, Firas and Bassel Atallah, Ssense has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world,” said Neil Shen, steward of Sequoia Capital and founding and managing partner of Sequoia Capital China. “Sequoia is excited to support Ssense in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts to support the fashion industry's digitalization, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.”