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Luggage Bags Get Lighter as July Raises A$10.5 Million For Product Development
The direct-to-customer luggage company, July raised A$10.5 million in a Series A funding round, from the support of Strandbags.
FREMONT, CA: July, a direct-to-customer luggage producer raised A$10.5 million in a Series A funding round, presided over by accessories tycoon Strand bags and private investors. Strandbags, a Malta-based company, led the preliminary round by raising A$8 million worth stake.
The Melbourne-based company, July, officially launched its carry-on luggage, for public sale in February. The company's market mostly comprises of travelers in Australia, Shanghai, and Singapore. July has redesigned its collection to make the cases much curvier and has added aluminum bumpers to the edges of the bags. These additional bumpers protect the bags from damages when the baggage handlers toss around the bags while commuting. The company also gave special attention to the wheels, making it quieter and more resilient than any other average suitcase.
The chairman of the South-African retail giant TFG owns Strandbags, and the retailer chipped in A$5 million in equity and A$3 million in debt. The 92-year-old brand at present is undergoing a makeover led by the new managing director Felicity McGahan, who was earlier a Cotton On boss, approached the startup beginning of 2019. She believes that Strandbags is contributing handsomely to the innovation in a rapidly evolving luggage market and has attained to a level where the company is ready to invest furthermore on similar brands. In doing so, the companies can jointly innovate and succeed with great ideas and products.
The funds collected from the Series A round will be directed towards product development and expansion of offices in the Asia-Pacific. July will mainly focus on selling exclusively through direct-to-customer channels. The Melbourne-based luggage bag company was founded in 2018 by Athan Didaskalou and Richard Li. July now has a flagship retail store in Melbourne's Emporium.
The in-depth sector knowledge and the global retail expertise of Strandbags is said to assist the development of July as the business is scaled. The company plans to continue growing at the same pace and first plans to launch in Singapore before the end of the year and will be followed by New Zealand in the next six months. The luggage company is famous for its lightweight, hard-shell polycarbonate cases that are produced in multiple sizes.