Charlotte's Closet

Early Stage

Charlotte’s Closet is the first-to-market online destination where teens can borrow designer dresses for all occasions including prom, sweet 16’s, sorority formals, bat mitzvahs, the ultimate party guest and everything in-between at up to 75% off the retail price

Analytics

Raised to Date: Raised: $30,125

Aggregate Commitments $

Platform

Netcapital

Start Date

10/11/2017

Close Date

02/28/2018

Min. Goal

$10,000

Max. Goal

$1,000,000

Min. Investment

$101

Security Type

Equity - Common

Funding Type

RegCF

Price Per Share

$2.80

Pre-Money Valuation

$8,446,603

Rolling Commitments $

Status
Funded
Reporting Date

02/28/2018

Days Remaining
Funded
% of Min. Goal

301%

% of Max. Goal

3%

Likelihood of Max
Funded
Avg. Daily Raise

$215

Momentum
Funded
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Location

Port Washington, New York

Industry

Apparel & Fashion

Tech Sector

With all of today’s social media, looking good has never been so important -- and the fear of wearing the same thing twice has never been so real. But unless you’re Kylie Jenner, how can you afford a new outfit for each new event?

You can -- with Charlotte’s Closet. Customers can rent designer dresses up to 75% off the retail price, and the Closet has dresses for any occasion-- sweet sixteens, proms, bat mitzvahs, and everything in between. They send you the dress, you wear it and rock it, then you return it. Charlotte’s Closet covers the shipping cost, the dry cleaning, and they’ll even let you try on two sizes to make sure you find the perfect fit.

Charlotte’s Closet was founded in March 2016 by Jen Forman, a PR media specialist who was frustrated at how much she was spending for her daughter’s wardrobe. Since then, it’s experienced a 200% increase in prom sales, 87% increase in orders, 665% increase in page views, and a 380% increase in users. Add in the site’s buzz from morning shows like The Today Show, CNN, and Good Day New York, and you realize Charlotte’s Closet might be your fashion fairy godmother!

The Closet is the first online fashion rental site specifically targeting Generation Z (teens ages 12-21), and each item is handpicked with them in mind. The closest competitors to Charlotte’s Closet are other online fashion rental companies such as Rent the Runway and Style Lend. While these two sites are very similar in concept, neither of them target Gen Z the way Charlotte’s Closet does.

Gen Z is all about the experiences they’re having; they’re not worried about owning a particular piece of clothing. They just want to look good, create a new memory, and show the world on Instagram, Snapchat, and Facebook. Charlotte’s Closet gets that. So, if you have a teen who likes fashion, you might just be willing to reach for your wallet and invest in the closet makes sure you aren’t spending a pretty penny each time your teen wants a pretty party dress.
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Charlotte’s Closet on Netcapital
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Platform: Netcapital
Security Type: Equity - Common
Valuation: $8,446,603

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