Mar 29, 2022
Originally published here.
Stylitics, an innovator in visual merchandising and outfitting solutions for top brands and retailers, announced today approximately $80 million in Series C financing funded by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. The fresh capital brings Stylitics’ total funding raised to about $100 million.
Over 100 top brands and retailers by revenue, including dozens of the top 200 largest by revenue, utilize Stylitics to inspire their online shoppers with personalized styling, bundling options, and outfit suggestions.
Stylitics believes the need for brands and retailers to authentically inspire online shoppers at every step in the customer journey has been overdue. For years, Stylitics has been transforming retailers’ websites into style destinations by displaying on-brand shoppable outfits and bundles that show product versatility with editorial-style quality across PDPs, category pages, emails, and ads. With Stylitics’ platform — powered by its patented, AI-driven tech — retailers can have a single product image transformed into thousands of inspirational outfits, which reduces high product photography costs and a usual turnaround time of 12 to 15 weeks into just a matter of Minutes.
Rohan Deuskar, Founder and CEO of Stylitics, said: “We believe our customers (and their customers) are going to be delighted by the benefits and capabilities this funding will unlock for them. We’re fortunate to work with some of the best brands and retailers around the world. We don’t take that opportunity lightly. We feel this capital raise and our partnership with the PSG team will enable us to supercharge our product roadmap to help our customers meet their digital transformation goals sooner.”
The raised funds will be used by Stylitics to triple its investment in product and technology, as well as to seek to increase strategic support and advisory for customers with enhanced program management solutions for product, marketing, and merchandising teams.
Bill Skarinka, Managing Director of PSG, said: “Stylitics is an excellent example of using advanced technology and AI to solve large-scale problems and unlock new opportunities. Many of Stylitics’ retail customers in fashion and home see tens of millions in revenue increases in the first year of using their inspiration tech platform. We’re excited to be a part of this visionary company and to help them accelerate towards their full potential.”
Stylitics offers a SaaS visual merchandising platform for top brands and retailers to inspire online shoppers with personalized styling and outfit suggestions. Headquartered in New York City, Stylitics drives billions of dollars in revenue for more than 3,600 brands across 100-plus retailers by increasing basket sizes as well as product and category discovery. Innovative retailers choose Stylitics to create on-brand styling ideas for 100 million shoppers each year. Learn more at http://www.stylitics.com.
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 95 companies and facilitated over 375 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit http://www.psgequity.com.