High-end streetwear mystery box specialist Heat has received a $5 million seed funding investment from a group led by LVMH Luxury Ventures and venture capital firm Antler as it seeks to expand.

The Gen Z-focused company was founded only in 2019 by Joe Wilkinson and Mario Maher, and its #Heatbox was claimed to be the first luxury fashion mystery box globally.

Since then, it has bought unsold inventory from over 60 luxury labels — including Off-White, Palm Angels, Amiri, Billionaire Boys Club and Casablanca — and it has a heavy focus on sustainability. Labels owned by LVMH are also expected to be available via the platform.

Ads

It hypes the individual drops via Instagram and YouTube and its customers get a monthly mystery box of products that are rarely discounted. Pricing is discounted but not at bargain basement levels — products worth $675 will be sold for $400, for instance. They tend to sell out very fast. 

It has over 600,000 Instagram followers, and has sold around 20,000 of its boxes (containing 100,000+ SKUs).

CEO Wilkinson said the company wants to “disrupt the traditional approach to luxury fashion” and will be using the new investment cash to “create innovative and immersive e-commerce experiences – implementing gamification, AI-driven personalisation, and interactive drops – all whilst driving sustainability”.

Antler partner Martell Hardenberg called it “one of the greatest opportunities in luxury retail with consumer behaviour changing dramatically over the coming years”.