NEW YORK, June 5, 2017 /PRNewswire/ -- UNTUCKit, a leading direct-to-consumer apparel brand, announced today that Kleiner Perkins has invested $30 million into the business. The company will use this funding to accelerate growth by opening 15 new stores, expanding its women's line and launching children's apparel.
UNTUCKit introduced its signature product in 2012 -- a unique style of men's shirts designed specifically to be worn untucked. The company has since expanded to offer a full menswear line, along with a new women's collection that launched in Spring 2017. UNTUCKit is one of the most successful and fastest growing casual apparel concepts in the market today, with strong consumer engagement and an ability to expand into new categories and markets quickly by bypassing traditional wholesale channels.
"There is a renaissance happening in retail that favors brands who can directly connect with and understand their consumers," said Mood Rowghani, General Partner at Kleiner Perkins. "UNTUCKit demonstrates a special synergy between online and offline that touches consumers in both their physical and digital worlds. This has profound benefits to merchandising, design, marketing, and customer happiness."
"We started the company with a vision to design clothing that works for the way people live today -- first with our hallmark untucked shirt but then with an entire range of men and women's clothing. We are excited to be working with Kleiner Perkins to capitalize on our current success and grow the business," said co-founders Chris Riccobono and Aaron Sanandres.
PriceWaterhouseCoopers Corporate Finance LLC acted as exclusive financial advisor to UNTUCKit on the transaction.
UNTUCKit was founded in 2012 to fill a hole in men's casual dressing by offering an untucked shirt that fit and looked good. With the success of the untucked shirt, UNTUCKit has expanded its product line to include men's sweaters, polos, jackets, sweatshirts, performance wear, tees and henleys. Customers can purchase products online at www.untuckit.com and at the company's 8 stores in New York, Chicago, LA, San Francisco, Austin, Dallas, King of Prussia and St. Louis.
About Kleiner Perkins
Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build and accelerate growth at pioneering companies like Google, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.
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SOURCE Kleiner Perkins