Stylitics Infused With $15 Million in Series B Funding, Eyes Fashion Expansion
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Stylitics just nabbed $15 million in “Series B” funding, bringing the total to $21 million as the New York City-based technology company eyes deeper penetration into the fashion and retail space.
Current clients of its “AI-driven outfitting and styling” platform already include Macy’s, Chico’s and Ann Taylor. “The proceeds of this round enable Stylitics to grow its sales and marketing function while fueling the development of new types of shoppable, content-driven e-commerce and in-store experiences for brands, retailers and publishers,” the company said today.
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This latest round was led by PeakSpan Capital, and included participation from Trestle LP. The company positions its platform as an efficient way to use existing content and brand assets to increase customer engagement.
“Retail merchandising and digital marketing teams rely on two types of visual content: costly product photography and more elaborate studio photography — which is both expensive and difficult to scale to match consumer demand and the speed of new inventory,” the company explained, adding that its platform offers a way to “quickly and efficiently utilize these existing on-brand creative assets to generate fresh outfit-based shopping content at scale, delivering experiences that are proven to increase engagement, drive conversions and build customer loyalty.”
Other retailers and brands leveraging the platform include Calvin Klein, Gap, Under Armour and White House Black Market. This round comes as companies step up efforts to use AI-powered technology to grow sales as well as offer more personalized shopping experiences for consumers.
Rohan Deuskar, founder and chief executive officer of Stylitics, said consumers are increasingly purchasing products “they have never touched or experienced in the real world and retailers are challenged to create digital shopping experiences that provide excitement, context and inspiration.”
“This round of funding validates the increased demand brands have for more intelligent and high-performance visual content,” the ceo said. “At a time when the retailer with the best visuals wins, we are offering a new category of content that is on-brand, dynamic, personalized and outperforms the others with the value it creates.”
Regarding KPIs, the company said its outfitting and look-based programs” see, on average, “an increase of 1.8-times in conversion rates, a 23 percent increase in units per transaction and a 21 percent increase in average order value.”
Additionally, its clients have seen “more than $300 million in increased revenue.”
It’s noteworthy that the platform doesn’t fully rely on AI. Human stylists are also used to collectively “generate high-quality, interactive, and shoppable style content to aid in product discovery while factoring in real-time dynamic elements such as location, weather, out-of-stock or underperforming sku’s.”
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