Lesara to close down

Lesara had been hoping to find a new investor, but following a bankruptcy filing in November, the company is now closing down.

“We are very sorry to inform you that the Lesara online shop has been closed and we are making every effort to fulfil and deliver all orders placed so far,” the fashion startup’s website announced.

The Berlin start-up company founded by Roman Kirsch run into trouble when investors refused to provide fresh capital last year. It came as a surprise after a successful funding round that raised 30 million euros in the summer of 2018. But when Kirsch tried to secure further funding of 10 million euros in the autumn, investors refused. The move was also unexpected by industry experts. Kirsch was until recently optimistic about his prospect to find a new investor.

Despite the rapid growth, Lesara never turned a profit. According to Kirsch, the company would have become profitable within “two to three years”. However, it is not unusual for startups to fail. The closure will result in the loss of 350 jobs.