Venture capital firm MMC Ventures has invested £1.5m in luxury childrenswear etailer AlexandAlexa which will be used to drive international expansion.
MMC has taken a minority stake in the business, which sells l brands online including Ralph Lauren, Burberry, Little Marc Jacobs and Junior Gaultier.
MMC Ventures investment manager Rory Stirling said AlexandAlexa had achieved significant growth since it launched in 2007. He said: “AlexandAlexa has a strong track record in the retail sector and we look forward to driving international expansion and taking the business to the next level.” Bt growing overseas the etailer expects to increase turnoverto £40m by 2014.
AlexandAlexa chairman Belinda Earl, whis is also chief executive of Jaeger and Aquascutum, said the investment was a “testament to the strength” of the brand. She expects the business to more than double in size in the next 12 months.
Alex Theophanous, AlexandAlexa founder and chief executive said he was “incredibly excited” to see the website develop into a global brand in such a short period of time.
He said: “We continue to take an active role in leading the business with the strong management team and we are confident about accelerating the brand proposition further, over the next five years.”