Online diamond jewellery retailer Vashi has launched a fundraising campaign to secure £850,000 for new bricks-and-mortar store openings.
The e-tailer, founded by Professional Jeweller Hot 100 2014 Retail Star Vashi Dominguez (pictured), has turned to crowdfunding platform VentureFounders to secure the investors it needs to take its plans further.
So far the company has raised £449,360 between 20 investors.
With the money raised, Vashi hopes to open physical stores in which customers can browse and buy its products. The business has already successfully opened a pilot store to test the viability of permanent shops and will expand upon this to open “full-scale stores and concessions”, which will carry new, branded and exclusive collections.
Vashi was founded by diamond expert Vashi Dominguez in 2007 and continues to experience year-on-year growth. According to an official statement: “Its unique supply chain model means Vashi generates gross margins that are more than three times larger than its online competitors, while still significantly undercutting high street retailers prices.”
Vashi Dominguez comments: “Since our launch in 2007 the company has gone from strength to strength, rapidly building up brand recognition and celebrity endorsement in what is a complex and fragmented market. We are now looking to expand the company, with a focus on increasing sales and visibility through opening physical stores.
“We decided to work with VentureFounders as part of our fundraise because the team really understands our business, vision and potential. We are looking forward to developing strong relationships with our investors to drive the business forward.”
Eva Weber, investment director at VentureFounders said: “We were impressed by Vashi’s experienced management team, combined with the company’s trading history and its strong branding. Vashi is now at an exciting stage in its development as it invests into physical stores to complement its existing online presence and scale up its operations.”