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Bonobos raises $55M to expand offline presence

The men's e-commerce company already has 10 stores, and wants to open another 30

Financial trends and news by Steven Loeb
July 3, 2014 | Comments
Short URL: http://vator.tv/n/37e0

(Updated to reflect confirmation from Bonobos)

As my girlfriend will gladly tell you, when it comes to clothes and shopping, I'm kind of hopeless. I have no idea whats in, whats out or what should never, ever be. Not that I wear anything super outrageous; I think the worst thing I ever bought was a bright orange Hawaiian t-shirt when I was 15. I only wore it once and then it went into the trash. 

Other men, though, do know something about style. Bonobos, the e-commerce clothing brand for men's pants, was one of the first e-commerce companies to understand this and now it has raised a big new round of funding. 

The company has raised a $55 million round, it has been confirmed to Vator. The round round was led by Coppel Capital, along with Accel Partners, Lightspeed Venture Partners, Nordstrom, Mousse Partners, Glynn Capital Management, Forerunner Ventures, and Felicis Ventures.

Coppel accounted for $25 million of the round, with the other $30 coming from the other combined investors. Bonobos had previously raised over $70 million; this latest round brings its total funding to $128 million.

Bonobos is an e-commerce clothing brand that calls itself, "the largest apparel brand ever built on the web in the United States." Originally known for its line of pants, the company now also sells blazers, shirts, and suits, as well as ties, belts, shoes, bags, swimwear, denim and sweaters. 

Since being founded in 2007, Bonobos has also extended its reach to offline sales, launching Bonobos Guideshops, or e-commerce showrooms that deliver one-on-one service in 2011. In 2012, the company partnered with Nordstrom to bring Bonobos apparel into select doors and to Nordstrom.com.

It has now opened 10 of those Guideshops, including ones in the SoHo neighborhood in Manhattan, Los Angeles and Dallas, and that is where the new money comes in: the company plans to open 30 more across the country, and the majority of the money raised in this latest round will go toward that effort.

Despite all of its success, however, Bonobos CEO Andy Dunn revealed to the New York Times, who first reported this news on Wednesday, that  the company still remains unprofitable.

In addition to the funding news, it was also announced that Charles Heilbronn, founder of Mousse Partners and a member of the Wertheimer family, which owns Chanel, will joinging the board of directors at Bonobos.

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