Verdane IX invests in Safira to boost international expansion

17 Oct, 2017

Fashionable Development Europe AB, online retailer of jewellery and accessories under the brand name Safira, today announced Nordic private equity fund Verdane Capital IX as a new investor. Together, they will build a fast fashion jewellery brand with international ambitions.

The Swedish online retailer of jewellery and accessories, Safira offers a variety of fashion and traditional jewellery products, including gold and silver rings, necklaces, bracelets and watches. The company has received a lot of attention for its partnership with Swedish fashionista Molly Rustas, and their joint collection Safira by Molly Rustas.

"People live much of their life online. Couples meet online, and then of course, the wedding ring is bought online. Safira and the products become part of people’s special occasions and everyday life as the online home of fashion accessories," says Jeff Petterson, CEO in Safira.

So far, Safira has primarily focused on the Swedish consumer market, through Safira.se and its newly opened flagship store in Gothenburg. Following the investment by Verdane Capital IX, the company now targets expansion across the Nordics and beyond.

"Verdane has extensive experience building e-commerce successes in a broad range of industries, leveraging its leading online expertise and know-how. We look forward to working together with Verdane on taking Safira to the next level internationally, and offer fashion accessories online to many more markets," says Pettersson.

In contrast to the fashion apparel industry, which has seen an influx of major e-commerce platforms in recent years, the movement towards bringing the jewellery industry online has been lagging. According to Staffan Mörndal in Verdane, this is about to change.

"Clearly, the jewellery market is a highly attractive space, and we expect strong growth in online penetration. We believe Safira is well positioned to take part in the offline to online transformation of the industry, and become a market leader within fashion accessories and gold and silver jewellery online," he says.

For further information, please contact:

Staffan Mörndal, staffan.morndal@verdanecapital.com or +46 70 93 15 235

Jeff Pettersson, jeff@safira.se or +46 73 39 81 105

About Safira

Founded in 2012, Safira is a Swedish-based online retailer and maker of jewellery and accessories, offering a mix of its own and external brands of a variety of products, including gold and silver rings, necklaces, bracelets and watches.

About Verdane

Verdane funds provide flexible growth capital to fast growing software, consumer internet, energy or high-technology industry businesses. The funds are distinctive in that they can invest either in a single company, or in portfolios of companies. Verdane funds have €900m under management and have invested in over 300 holdings over the past 14 years. Verdane Capital Advisors has 25 employees working out of offices in Oslo, Stockholm, and Helsinki. More information can be found at: www.verdanecapital.com