Retail

Fidelity Sets Its Sights On eCommerce, $65M Funding of Spring App

Like sands through the hourglass, these are the days of our retail lives.

As more brick-and-mortar locations struggle to keep pace with online shopping, Fidelity has taken notice and made the decision to focus its efforts on eCommerce. This week, it was announced that the mutual fund giant led a $65 million round of funding for three-year old eCommerce startup Spring.

This young company sells clothes solely through its mobile app and website from 2,000 brands. With orders averaging out to $150 per person and the average buyer’s age 28, Spring is focused on the millennial age group and expects to see its 2017 gross sales reach $100 million. Spring naturally isn’t the only company looking to take on the world of eCommerce fashion with retailers like Amazon and Stitchfix fast on its heels.

Spring’s CEO, Alan Tish, comments on how Spring is differentiating itself from others in the same game. He said, “I think it’s amazing to see them embrace more of their digital future. But we are in very different markets, primarily because of our price point.”

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