Men's clothing startup Brummell nets $500k seed round
Men's lifestyle clothing startup Brummell has netted $500,000 in a seed round from Chowning Group, a Houston-based private investment firm.
Named after historical fashion figure Beau Brummell, the brand was launched in 2017 by John LeFevre and Steve Staffan and began as a sock subscription service dedicated to men looking for classic, simple socks for everyday use. Now, the company offers premium socks as well as underwear, undershirts and ties, with individual item prices ranging from $7 for socks to $150 for a tie.
According to the company’s co-founders, the new money will be used to continue funding Brummell’s online growth and expand its product line, with limited-edition ties and wallets set to be available in December 2019.
"We were always fans of replenishing our top drawer regularly; however, there was never a cost-efficient and convenient way of doing so,” the founders said.
“Every other direct-to-consumer company in the market was neglecting our way of thinking, so we built the service that attracted us as consumers and figured there were others like us who care about value, quality, and convenience…Even though we started as a sock company, we never viewed ourselves as such – but rather a lifestyle brand.”
Currently, Brummell’s fanbase spans all 50 states and more than 30 countries.
The world of subscription service companies has grown from razors to wardrobes as the popularity of online shopping and direct-to-consumer experiences continue to rise.
According to a 2018 report from McKinsey & Company, the subscription e-commerce market had grown by more than 100 percent a year over the five years prior, while a recent Fast Company article found that there were 3,500 subscription box services as of October of 2018, marking a 40% increase from the year before.
Copyright © 2021 FashionNetwork.com All rights reserved.