Ledbury closes on $4.5 million financing round, set to open NY store
today Oct 18, 2019
Richmond, Virginia-based menswear brand Ledbury has closed on a $4.5 million financing round, led by existing partner, Harbert Venture Partners.
According to a press release, the funding will be used to grow Ledbury’s brick-and-mortar business in “tentpole cities, complementing the business’ digitally native roots.”
First on this list of cities is New York City, where Ledbury plans to open a new store in November of 2019. Located at 355 Bleecker Street Greenwich Village, the 1,600 square-foot store is set to offer Ledbury’s full collection of ready-to-wear shirting, as well as the brand’s collection of sweaters, sport coats, pants and accessories, the brand said.
The store will also offer a made-to-measure lounge where visitors can make personal appointments for the brand’s custom shirting and Italian-made custom suiting programs.
The New York location will join Ledbury’s current stores in Richmond and Georgetown in Washington, D.C. Additional brick-and-mortar locations are set to follow in 2020, the brand added. In addition to its brick-and-mortar locations and e-commerce channel, Ledbury products are available at over 100 wholesale retailers nationwide.
“Ledbury will always be a digitally first brand, but we know that nothing is more compelling for our new customers than experiencing the fit and quality of a Ledbury shirt in-person,” said Paul Trible, founder and chief executive officer of Ledbury.
“By placing brick-and-mortar locations in our top markets, we will introduce new customers to the brand, while simultaneously deepening our relationships with existing customers as they experience our made-to-measure program and full collection of menswear.”
Ledbury said 30% of its store sales come from its custom clothing business.
According to a 2018 report from market research provider Euromonitor, men’s clothing sales are predicted to grow 1.9% in 2021, compared to just 1.4% for women’s clothes.
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