Stance raises 50 million dollars
Stance has found the means to develop its potential in underwear. The fun American socks brand has made a name for itself by attracting boardsports, streetwear, music and NBA fans.
Today, after five years in business and of diversifying its styles, the brand's management team has found new investors to accompany it in its product diversification.
In an interview with the Wall Street Journal, Jeff Kearl, the brand's co-founder and managing director, explains that it has raised 50 million dollars from August Capital and Kleiner Perkins Caufield & Byers.
Since its beginning, Stance has attracted some major investors, names like Menlo Ventures (Uber, Tumblr….), Shasta Ventures (Lithium), Mercato Partners (Skullcandy) and even actor Will Smith and basketball player Dwyane Wade. Perhaps the biggest name of all though is Jay-Z, not only a star but notably the president of the Roc Nation agency (Rihanna, Shakira, Rita Ora…) and on the board of directors.
The five founders of the brand, which they launched in 2010, had a background and address book that allowed them to rapidly take off and now boast 15 million pairs of socks sold in four years.
Jeff Kearl, chairman of the board and general manager is himself an experienced investor. He has notably invested in Skullcandy, of which he is also a board member. John Wilson is the former president of Reef and was also sales director at Oakley for the US. He is currently the president of Stance and also the vice president of SIMA (Surf Industry Manufacturers Association). Marketing Director Ryan Kingman was the global manager of Element. Creative director Aaron Hennings spent nearly ten years as creative director at Billabon. And product manager Taylor Shupe founded Blacksmith, a textile subcontracting company which worked for players like Billabong and Carrefour.
Stance, which has a European team based in England, is getting ready for the arrival of its underwear in the second half of the year. The brand intends to position its products as mid-range and will continue to play with its prints and collaborations.
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