Written by Christina Levada
Cult Mia, the London-based online fashion marketplace that is redefining luxury retail, has announced a significant milestone following its latest Seed Funding investment round, led by Fuel Ventures, H&M Group Ventures, and other backers. This commitment comes off the back of a year of exceptional growth, with the company’s topline tripling as Net Revenue rose by 191% year-over-year, exceeding annual forecasts by 4%.
Cult Mia remains focused on redefining how global consumers connect with emerging designers, blending unparalleled marketplace economics with a commitment to sustainability and cultural diversity within the fashion industry. As the company prepares for a transformative year, founder and CEO Nina Briance highlights the strategies that will drive growth and innovation in 2025.
Fuel Ventures, one of the UK’s leading venture capital funds, joined a strong cohort of investors to bolster Cult Mia’s mission of supporting independent designers and disrupting the traditional fashion landscape. Building on its remarkable growth over the past year, Cult Mia is focusing on key areas such as enhancing its technology platform to deliver a seamless and more personalized customer experience, deepening its presence in its core two markets (US and Middle East), and staying true to its commitment to share sustainable and ethical practices, to incentivise its brand partners to make improvements on their ESG journeys.
Looking ahead, Cult Mia is committed to accelerating its momentum by continuing to attract and curate the best emerging talent. With over 250 independent designers applying each month and only 10% being accepted, the company aims to grow its exclusive portfolio beyond the 400 brands it has already onboarded across 46 countries. With 39% of its products available exclusively on Cult Mia and an impressive 98% retention rate for brands, the company is poised to strengthen its position as the go-to destination for unique, high-quality fashion.
Cult Mia also plans to capitalise on its surging customer and community growth, having already expanded its customer base by 2.5x, an increase of 146% year over year, and grown its engaged community to 278K members in 2024.
In the last 12 months, Cult Mia’s strong performance was bolstered by an average order value (AOV) of £564, a 9% increase year of year, surpassing the AOVs of luxury incumbents Farfetch and Net-a-Porter, reinforcing its alignment with the expectations of high-end consumers. The company achieved a significant reduction in return rate to 15% and maintained discounts at only 7% of gross merchandise value, underscoring its ability to drive profitability without heavy discounting - rarely seen in the luxury fashion space.
Cult Mia has also seen a breakthrough performance in the Middle Eastern market, where gross merchandise value grew 4.4x year over year, making it the fastest-growing region for the company. The US followed closely with a 2.1x year over year increase in gross merchandise value, demonstrating the brand’s ability to scale efficiently in high-potential markets.
Despite a challenging climate for luxury e-commerce, Cult Mia successfully extended its speed round to £4.5M, reflecting strong investor confidence in its business model and future growth potential. By the start of 2026, Cult Mia expects to be in a strong position to launch its Series A funding round, setting the stage for the next chapter of its expansion and solidifying its position as a leader in curated luxury fashion.
Cult Mia’s latest achievements underscore its commitment to innovation and transparency in an industry often criticised for its lack of inclusivity and sustainability. Through its unique model, Cult Mia empowers emerging designers while catering to a global audience of fashion-forward consumers seeking exclusive, ethical products.
Speaking on her predictions and aspirations for the next 12 months following the funding round, Nina Briance, founder and CEO of Cult Mia, said:
“2025 is shaping up to be a transformative year for Cult Mia as we continue to challenge industry norms and redefine the luxury fashion experience. With the incredible support from our investors and the momentum we’ve built over the last year, we’re focused on scaling our platform, empowering emerging designers, and setting a new standard for ethics and inclusivity in fashion. We’re excited to build on our success in markets like the US and Middle East, and take bold steps towards our vision of making Cult Mia the go-to destination for curated, values-driven luxury.”
Mark Pearson, Founder of Fuel Ventures, said:
“Cult Mia is a shining example of how innovation and purpose-driven entrepreneurship can redefine industries. As we look to 2025, the convergence of technology and retail is set to create waves, and Cult Mia is perfectly positioned to lead this charge. We’re excited to support Nina and her team as they continue to make bold moves and set new standards for the fashion-tech space.”
About Cult Mia
London-based Cult Mia is the online fashion marketplace building the leading platform for sustainable and conscious luxury fashion. Founded in October 2019 by female entrepreneur Nina Briance, Cult Mia is reshaping the luxury fashion industry by offering a marketplace for those seeking individuality and quality while focusing on independent talent, sustainability, and cultural diversity. Since its inception, Cult Mia has supported over 400 designers from 46 countries, fostering a community that celebrates creativity and conscious consumption.
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