Source: 900 North Michigan Avenue Chicago store, UNTUCKit.com
UNTUCKit, a retailer that specializes in selling casual shirts to men that are designed to be worn untucked, announced it has received a $30 million investment from the venture capital firm, Kleiner Perkins Caufield & Byers.
The investment marks the first major round of fundraising for the retailer. UNTUCKit, which was founded as a pure-play e-tailer in 2011, began opening stores in 2015. The company currently operates eight locations in Austin, Chicago, Dallas, King of Prussia, Los Angeles, New York, San Francisco and St. Louis. It also plans to open a 1,300-square-foot store in the Mall of America next fall.
With the investment from Kleiner Perkins, UNTUCKit's market value is now estimated to be around $200 million, according to unnamed sources who spoke to Reuters. The retailer plans to use the funds to open 15 new stores while expanding its women's line and launching a line of children's apparel.
The same report from Reuters quoted UNTUCKit co-founder and CEO Aaron Sanandres as saying the retailer always planned to move into physical stores because a large percentage of men "are uncomfortable shopping for a new brand digitally."
"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, in a statement announcing the firm's investment. "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."
- UNTUCKit, The Brand Story – YouTube
- UNTUCKit Raises $30 Million in Funding From Kleiner Perkins – UNTUCKit/Kleiner Perkins/PRNewswire
- Kleiner Perkins invests $30 million in online retailer UNTUCKit – Reuters
- New York shirt company will open first Minnesota store this fall - Minneapolis/St. Paul Business Journal