MeUndies secures $40 million investment
Men's and women's 'feel good' underwear, sleepwear and loungewear brand MeUndies has secured a new $40 million investment from Provenance, a growth equity investment firm based in Los Angeles.
The Gen Z and Millennial consumer favorite will use the investment to expand its capabilities in product design, production and distribution, further build the MeUndies online customer community, and expand the brand’s omnichannel operations into additional international markets and physical locations, the company said.
Founded in 2011 by Jonathan Shokrian, MeUndies is known for its focus on comfort, self-expression, inclusivity, body positivity and transparency, as well as its frequent drops of colorful, trendy prints that can be purchased both individually, and as part of a monthly subscription service, which offers special pricing to members.
“We are highly impressed with Jonathan Shokrian and his team and their proven ability to deliver on MeUndies’ growth strategy,” said Anthony Choe, founder of Provenance.
“The brand enjoys the highest customer loyalty of any company we’ve seen in any consumer category. MeUndies’ fun, creative print designs and affordable range of products resonate strongly with its core millennial and Gen Z audience and the company’s ability to drive growth organically through its brand community is powerful. We’re excited to be co-pilots on this next phase of the brand’s journey and to support its continuing growth.”
To date, MeUndies has sold over 16 million pairs of underwear, and the company opened its first ever store in Los Angeles in 2018. In 2019, the company reported revenues of roughly $75 million, and expects to reach nearly $100 million this year, according to Forbes.
Since its launch, the brand has also debuted 'MeUndies Gives,' a cause marketing platform that partners with organizations that help life systemic barriers through open conversations and creativity.
“We are thrilled to join forces with Provenance, given the firm’s track record of success partnering with leading direct-to-consumer brands,” said Shokrian, who serves as the CEO of MeUndies.
“Over the past nine years, we have worked hard to establish our incredibly loyal community of customers, who love our focus on inclusivity, our high-quality products, our approachable price point, and our frequent and unique product drops. We have a well-established foundation and this investment and our relationship with Provenance will enable us to expand our MeUndies brand community into new markets and new channels.”
MeUndies was advised by The Sage Group, LLC, and Cooley LLP. Provenance was advised by Perkins Coie LLP.
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