Other existing investors in BoF from the worlds of fashion, media and technology are also participating in the new round.
BoF plans to accelerate the growth of its community of five million people around the world, including more than 35,000 paying members and more than 500 corporate partners in 125 countries. FT Strategies, the consulting arm of the FT, will support this goal by providing expertise in subscription technology to BoF. The FT and BoF will explore additional areas of collaboration in the future.
Imran Amed, BoF Founder, Editor-in-Chief and CEO, said: “We are delighted to partner with the Financial Times at this important juncture in the growth and development of our business. As a team, we have always admired the FT’s commitment to quality and integrity, its global perspective and its pioneering business model focused on digital subscriptions. This partnership will enable us to learn from the FT’s expertise and to find creative ways to work together in fulfilling BoF’s mission of bringing together the world’s largest community of fashion professionals.”
John Ridding, FT Group CEO, said: “The FT has long had a leading position in coverage of the luxury consumer sector, notably through the award-winning How to Spend It, and this investment will give us greater presence in the B2B and industry agenda. We are really impressed by the quality and dynamism of The Business of Fashion. There is a natural alignment between our global mindset and our focus on reader revenue to support quality journalism. We are excited to partner with Imran and his team to explore those synergies further.”
The Business of Fashion retains complete editorial independence from its investors.