Frank and Oak raises $20 million to invest in digital growth
today Feb 20, 2018
Montreal-based retailer Frank and Oak has raised $20 million CAD in financing as the company looks to advance its digital and technological features.
The financing led by Caisse de Dépôt et Placement du Québec and completed by other investors, including Goodwater Capital and Investissement Québec, will further allow the company to accelerate the development of its digital experience and support its online growth in North America and abroad.
The company specifically noted its desire to implement artificial intelligence in its Style Plan program, a subscription-based service that allows shoppers to purchase items based on previous purchases.
The retailer also announced plans to continue to expand its product offering and invest in its supply chain.
"Frank and Oak is extremely proud to have obtained the support of exceptional investors in this round of financing led by the Caisse de dépôt et placement du Québec," said Ethan Song, co-Founder and Chief Executive Officer of Frank and Oak, in a news statement.
"Our alliance with this strong institution and our other key partners demonstrates the level of confidence in our business. We are dedicated to the idea of investing in a technology that is redefining retail and transforming the shopping habits of tomorrow's consumers."
Founded in 2012, Frank and Oak launched as an e-commerce-only brand for men.
The company has since expanded into brick and mortar and into womenswear with the launch of its first women’s collection in Fall 2016. The company operates 16 stores across Canada.
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