Olivela, a luxury fashion retailer of the USA, has currently completed the A Series funding round. Conducted by Morgan Stanley & Co. International, Olivela Inc, raises funds of 35 million dollars. The beauty and luxury fashion retail concept of the brand is based on the philanthropic business model, and it donates 20 percent of its earnings to charitable causes across the world.
The vision of the brand was created when founder Stacey Boyd attended a meeting of girls at the largest refugee camp of the world at 19th birthday celebration of Malala Yousafzai. After the meeting, Boyd realized that a fraction of the overall cost of her bag could help some girl to go to school for a year and get a proper education.
After returning from the camp, Boyd conducted a meeting with the top luxury brand and offered them to join the noble cause. Finally, the brand was launched in 2017, and since then Olivela had donated to varied global charities such as Malala Fund, Aspen Education Foundation, and CARE. Since, then Olivela Inc, raises funds to support global charities.
The company is planning to utilize the funding to boost the next phase of growth for the quarter, namely “Women Empowerment.” This year, Olivela intends to open new boutiques with the funding and is planning to ramp up the focus on holiday season as higher funding is generated during this time.
The company started the business by collaborating with limited brands, and now it stocks more than 400 luxury brands. This expansion of trade and collaboration with more brands will help Olivela to fund more charitable organization in America, as well as across the globe.