NEW YORK, Sept. 4, 2019 /PRNewswire-PRWeb/ -- Olivela Inc. ("Olivela") today announced $35 million Series A financing led by Morgan Stanley & Co. International plc ("Morgan Stanley"). The luxury fashion and beauty retail concept, built on a philanthropic business model, donates 20 percent of proceeds to charitable causes across the globe. It stocks 400+ luxury brands.
The vision for Olivela started when founder Stacey Boyd visited Dadaab, Kenya, to attend a gathering of extraordinary girls at the world's largest refugee camp for Malala Yousafzai's 19th birthday celebration.
"As I reached into my bag to take a picture, I realized that a fraction of the cost of my bag could send one of these girls to school for a year," said Boyd. "In that moment it became clear to me that while talent is equally distributed, opportunity is not."
After returning home, she called some of the world's leading luxury designers, from Givenchy, Jimmy Choo, Stella McCartney and Valentino, to share her experience and ask them if they would partner with her to build a luxury fashion and beauty retail concept that would help support at-risk communities.
Launched in 2017, Olivela has donated to global charities like CARE and Malala Fund, in addition to community charities such as the Nantucket Cottage Hospital and Aspen Education Foundation. The current team of 60+ has offices in New York, London and San Francisco, with style-savvy employees including former Saks Chief Merchant Kristen Sosa.
"It's exciting to be reinventing luxury retail with purpose. For every Olivela purchase, we donate 20 percent to causes our customers care about through partnering with non-profit organizations and luxury designer brands," said Sosa, Olivela Chief Merchant.
The new funding will be used to fuel Olivela's next phase of growth. Looking ahead, Olivela is curating a "Women's Empowerment" takeover that will kick off with a trip to Jordan to meet with the 30 young women who were sent to school from Olivela's donations last year, as well as 100 more who will go to school next year thanks to Boyd's vision. The company will continue to build partnerships with charitable partners locally, nationally, and internationally.
Morgan Stanley is authorized in the United Kingdom by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority and the PRA. Morgan Stanley acted exclusively for Olivela and no-one else in connection with the matters set out herein. Morgan Stanley and its directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to anyone other than Olivela for providing the protections afforded to its clients or for providing advice in connection with the matters described in this announcement or any matter referred to herein.
Founded by social entrepreneur, Stacey Boyd, Olivela is an innovative concept in philanthropy and shopping. Selling fashion, accessories, jewelry and beauty from the world's most luxurious brands, a portion of proceeds from every purchase benefit charitable causes around the globe. For more information, visit https://www.olivela.com.