The Cambridge Satchel Company, the maker if the affordable "it" Brit bag, has landed a $21 million investment courtesy of venture capital firm Index Ventures. If the name sounds familiar, it may be because Index invested in Los Angeles-based fast fashion e-commerce site, Nasty Gal, not too long ago, as well as ASOS and Net-a-Porter. According to Julie Deane, Cambridge Satchel's founder, the funds will be used to hire a new senior management team, improve the website (which will be relaunched with new language options and a streamlined fulfillment network), and to help fuel the impending expansion in the US and China.
Under the terms of the deal, which has been two years in the making, Index has acquired a minority stake in the company - one that is frequently the source of "inspiration" for other brands ... from Dr. Martens, to Steven Madden and Zara.
According to the Telegraph, "Cambridge Satchel, which recently launched a clutch bag, plans to introduce new products and grow its UK manufacturing base to meet demand. It has over 100 employees and sells to more than 100 countries." CSC currently stocks at Bloomingdales, CUSP, Holt Renfrew, Printemps, and other retailers, as well as its own store in Covent Garden in London.