Rhone Apparel announces $5 million investment
Rhone Apparel, a men’s activewear and lifestyle brand, announced Monday the closing of its $5 million Series A financing. The Series A round included sports and media investors.
"The Rhone brand has expanded at a rapid rate since our inception in 2013," stated Co-Founder & CEO, Nate Checketts. "In addition to ever increasing sales online at Rhone.com, come Fall the brand will be available in 20 Bloomingdale's locations, 15 Equinox locations, and 2 Nordstrom locations, as well as over 12 Core Power Yoga and 20 additional gyms and specialty stores." Checketts attributed Rhone's growth to the brand's premium product offering and the commitment and expertise of the current 10-person Rhone team.
Rhone intends to use the $5 million for further product research and development, to increase distribution, implement strategic marketing opportunities and increase staffing.
The company also plans to open a temporary retail store for the holiday season in SoHo in New York City this October, and plans to expand into a 4,000-square-foot retail storefront and office in Stamford, CT by early 2016.
Rhone Apparel is a men’s premium activewear and lifestyle brand that was founded in 2013. The company recently expanded to higher end retailers, Bloomingdale’s, Nordstrom and Equinox this year, which includes 16 Bloomingdale’s locations and 17 Equinox locations. Rhone projected $3 million in revenue for 2015, but the recent Series A funding increases its revenue for the year.
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