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Fashion Network
a day ago
- Business
- Fashion Network
Perfect Moment reports preliminary annual loss
Perfect Moment said preliminary full-year revenue is expected to decline 12% to $21.4 million, despite a 2.6% increase in revenue in the fourth quarter. Excluding Hugo Boss collaboration revenue, which concluded in fiscal 2024, annual revenue rose approximately 1% year-over-year. The revenue decline was partly attributed to the bankruptcy of Matches Fashion, one of the brand's largest wholesale partners, as well as increased investments in leadership, infrastructure, and brand repositioning. As a result, the company expects to report a net loss of approximately $16 million for the year. Still, digital engagement and brand visibility continued to surge in fiscal 2025. Content featuring Perfect Moment reached more than 934 million people organically. Digital media coverage drove over 16.6 billion monthly unique visitors globally over the 12-month period, up 108% year-over-year, while social media followers grew 15% to over 440,000 across Instagram, Facebook, and TikTok. The year also included high-profile collaborations with Johnnie Walker Blue Label and the BWT Alpine Formula 1 Team. 'This past year has been one of consolidation and transformation,' said Perfect Moment chairman, Max Gottschalk. 'We've taken decisive steps to meaningfully upgrade our management team, address inefficiencies and instill a culture of operational discipline. I'm extremely excited about the trajectory we are now on—and this is just the beginning.' Under a new senior leadership team, which includes talent from Canada Goose, LVMH, and Timberland, Perfect Moment has begun executing a focused strategy aimed at long-term profitability and brand equity growth. Notably, the London-headquartered luxury skiwear brand secured over $12.7 million in wholesale pre-orders for its Autumn/Winter 2025 season, up 30% over the prior year and a new company record (excluding past collaborations). Since September, Perfect Moment has also signed five new regional agencies and opened 50 new accounts globally, expanding its sales footprint. The launch of U.S. and European distribution hubs, along with enhanced logistics, has led to lower duties and operating expenses. Moreover, the brand has reduced its reliance on promotions. Looking ahead, the company plans to expand beyond ski into year-round luxury outerwear and accessories. 'Our strategy is clear: to expand from slope to après, blending technical performance with fashion-led design across seasons,' said Jane Gottschalk, president and chief creative officer. 'We have built a community, not just a customer base, and we are ready to take our brand to the next level.'
Fashion Network
a day ago
- Business
- Fashion Network
Perfect Moment reports preliminary annual loss
Still, digital engagement and brand visibility continued to surge in fiscal 2025. Content featuring Perfect Moment reached more than 934 million people organically. Digital media coverage drove over 16.6 billion monthly unique visitors globally over the 12-month period, up 108% year-over-year, while social media followers grew 15% to over 440,000 across Instagram, Facebook, and TikTok. The year also included high-profile collaborations with Johnnie Walker Blue Label and the BWT Alpine Formula 1 Team. 'This past year has been one of consolidation and transformation,' said Perfect Moment chairman, Max Gottschalk. 'We've taken decisive steps to meaningfully upgrade our management team, address inefficiencies and instill a culture of operational discipline. I'm extremely excited about the trajectory we are now on—and this is just the beginning.' Under a new senior leadership team, which includes talent from Canada Goose, LVMH, and Timberland, Perfect Moment has begun executing a focused strategy aimed at long-term profitability and brand equity growth. Notably, the London-headquartered luxury skiwear brand secured over $12.7 million in wholesale pre-orders for its Autumn/Winter 2025 season, up 30% over the prior year and a new company record (excluding past collaborations). Since September, Perfect Moment has also signed five new regional agencies and opened 50 new accounts globally, expanding its sales footprint. The launch of U.S. and European distribution hubs, along with enhanced logistics, has led to lower duties and operating expenses. Moreover, the brand has reduced its reliance on promotions. Looking ahead, the company plans to expand beyond ski into year-round luxury outerwear and accessories. 'Our strategy is clear: to expand from slope to après, blending technical performance with fashion-led design across seasons,' said Jane Gottschalk, president and chief creative officer. 'We have built a community, not just a customer base, and we are ready to take our brand to the next level.'
Time of India
3 days ago
- Business
- Time of India
Fintech Aspora raises $53 million to expand cross-border banking for global Indians
Bengaluru: Aspora, a London-headquartered fintech startup focused on providing banking services for immigrant communities, has raised $53 million co-led by Sequoia and Greylock, with participation from Quantum Light Ventures. The company, which was previously known as Vance, is targeting the global Indian diaspora as its first major customer base. The latest round follows Aspora's $35 million and a $5 million seed extension last year. Over the past six months, the company has raised a total of $93 million across multiple funding rounds. Founded by Parth Garg in 2022, who dropped out of Stanford University to start the venture, Aspora is building cross-border financial products for non-resident Indians (NRIs) and other diaspora segments. According to the company, it currently serves 250,000 users, with its primary user base in the UAE. Over the past six months, Aspora's transaction volume has grown from $400 million to more than $2 billion, with users saving over $15 million in fees compared to traditional providers. Aspora offers zero-fee remittance transfers from the UAE and provides exchange rates identical to market benchmarks displayed on Google, while fees may apply in other markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon Every Night, See What Happens A Week Later [Video] getfittoday Undo The company currently operates across the UK, EU, and UAE, and plans to launch in the United States in July 2025, followed by expansion into Canada, Australia, and Singapore by the end of the year. In addition to institutional investors, Aspora is backed by a group of individual investors that includes Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).
Time of India
4 days ago
- Business
- Time of India
Cross-border digital payments startup Aspora raises $93 million from Sequoia Capital, Greylock and others
Y Combinator-backed cross-border payments startup Aspora has raised $93 million over three equity funding rounds between September 2024 and May 2025, giving it a $500-million valuation, according to its founder, Parth Garg. The London-headquartered startup, which offers remittance services to immigrant diaspora, raised the funds over three rounds in the last eight months. Its first institutional funding of $5.8 million from Hummingbird Ventures had come in 2022. Garg told ET that the startup raised $5 million in an extension of the first round in September 2024, after which came a $35-million infusion led by US-based venture firm Sequoia Capital along with participation from US-based Greylock Partners. Last month, Aspora secured another $53 million in financing, led by Sequoia Capital and Greylock Partners, with participation from London-based venture fund Quantum Light. Angel investors Balaji Srinivasan, ex-CTO of Coinbase, Sundeep Jain, previously the CPO of Uber, and Prasanna Sankar, cofounder of Rippling, were among the other participants in the round. Overall, the startup has raised more than $98 million since inception. 'Aspora's current valuation is $500 million,' Garg said from London. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Garg had started the business in Bengaluru, but earlier this year shifted base to London, which he said made it easier for him to coordinate global operations of the brand. For the California-headquartered venture firm Sequoia Capital, this is the first major investment in an Indian-origin startup offering services to Indian consumers. In the middle of 2023, Sequoia Capital had separated from its units in China and India and Southeast Asia. While the Chinese unit was renamed HongShan, the India entity was rebranded into Peak XV Partners . Peak XV Partners has set up a team in the US to scout for early investment opportunities in that part of the world. ET had reported in April that Peak XV Partners is looking to raise $1.2 billion for its first independent fund after the spinoff from Sequoia Capital. Aspora was previously known as Vance, but the company had to overhaul the brand's identity after JD Vance became the US vice president. Garg said all his brand promotions and online marketing efforts were getting branded as political advertisements because of the similarity in names. The company has around 250,000 users who use the platform to remit money back to India. The startup offers services to consumers in the UK, European Union region and the UAE. 'We are launching in the US in July, and Canada, Australia and Singapore by the end of the year,' he said. While headquartered in London Aspora has around 30 out of its 50 people in Bengaluru and the remaining mostly in the UK and the UAE. 'People use our platform to send money home to their parents, for investments to buy property or invest in alternative assets, we target communities and social groups of Indians in these countries to popularise our product,' Garg said. Aspora gets around 55% of its customers via referrals and around 20% from performance marketing channels. The startup has kept its customer acquisition costs at a fraction of competition, mainly by leveraging local Indian communities which are socially very active in these countries. Aspora competes with the companies such as Remitly and Wize and is disrupting the business which used to be dominated by banks and the likes of Western Union.
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Business Standard
4 days ago
- Business
- Business Standard
Israel-Iran conflict: Gold prices may hit $4,000 per ounce in India
Demand for the yellow metal is ebbing as prices continue to soar Listen to This Article Gold prices in India's futures market crossed the ₹1 lakh per 10 grams for the first time, with MCX futures settling at ₹1,00,276 last week as Israel-Iran tensions escalated to bombardments. In international markets, spot gold ended at $3,432 per ounce —another significant level in a year already shaped by economic and geopolitical headwinds. In Mumbai's Zaveri Bazar, pure gold closed at ₹99,058 per 10 grams on Friday. At these elevated levels, demand appears to be ebbing. 'At this price, demand has dried up,' said Chirag Sheth, principal consultant at Metal Focus, the London-headquartered precious metals consultancy. Prices are currently
