Lifestyle Brand Announces $17.3 Million in Private Equity Funding, Expanded
Distribution, Flagship Store in Manhattan and New Products
NEW YORK, June 17 /PRNewswire/ -- LittleMissMatched, the leading brand of
fashion, home and lifestyle products that nurture creativity and
self-expression, announced today that it has completed its first round of
funding to date from Catterton Partners, the nation's leading private equity
firm in the consumer sector. An early investor in companies including
Build-a-Bear, Frederick Fekkai, and PF Chang's China Bistro, Catterton
Partners has committed $17.3 million of growth capital to LittleMissMatched.
The investment will be used to increase the company's distribution, launch
a flagship retail store in New York City within the next 12 months and expand
the company's product offerings, according to Jonah Staw, co-founder and CEO
of LittleMissMatched.
LittleMissMatched also announced today an agreement with Macy's, Inc.
(NYSE: M), which operates more than 850 department stores, to open 85
"shop-within-a-shop" boutiques in Macy's stores throughout the country by
September and additional boutiques in 2009.
LittleMissMatched products are available currently in more than 3,000
retail outlets nationwide including FAO Schwarz, Bed, Bath & Beyond and J.C.
Penney.
"LittleMissMatched is one of the strongest consumer brands we've seen in a
long time," said Michael Farello, partner, Catterton Partners, who will join
LittleMissMatched's board of directors. "The brand inspires creativity and
self-expression, both of which resonate strongly with consumers. In addition,
LittleMissMatched scores higher on customer loyalty metrics than many of the
most iconic brands."
"We are very excited about Catterton Partners' investment in
LittleMissMatched and the opportunities it will enable," said Staw. "Catterton
Partners' experience in the retail industry, branding expertise and support
for our vision for the brand make them the ideal strategic partner for us as
we continue our rapid growth."
Founded in 2004, LittleMissMatched launched with a collection of whimsical
mismatched polka-dotted and striped socks sold in packs of three to encourage
innovative and creative mixing and mismatching. Their "nothing matches but
anything goes" philosophy to dressing has, well, knocked people's socks off.
Company sales have grown from $5 million in 2004 to $25 million last year and
the company is forecasting a 100% increase in sales this year.
While launched as a company targeting 'tween' girls-girls between the ages
of 8 and 14, LittleMissMatched also sold a collection of mismatched socks for
women and discovered that 35% of their consumers were adults buying for
themselves or other adults.
"We learned very quickly that the desire to express one's self in creative
ways has no age limit," said Arielle Eckstut, co-founder and creative
director, LittleMissMatched. "There's a little bit of kid in all of us and
it's fun and healthy to let that kid out to play every now and then."
The company has since expanded to offer products for babies, toddlers,
boys and even men.
The company has also extended its product offerings from socks to include
pajamas, loungewear, underwear, swimwear, flip flops, accessories, jewelry,
bedding, toys, school supplies and books that nurture individuality. The
company's mix-and-match furniture line, introduced last year with Powell
Furniture, a leader in home accent furniture, was the most successful new
product launch in Powell's 40-year history. Designed to let girls transform
their rooms continually into havens of self expression, the line includes beds
with spinning headboards, reversible and flippable doors, drawers and panels
and dry-erase furniture finishes.
Next year, the company is planning to launch an apparel line that lets
consumers create their own looks. Sweaters will feature interchangeable
sleeves, dresses will come long so they can be cut to one's preferred length
and the extra fabric can be used to make a scarf, for example, and hoodie
dresses will feature zip-off hoods, sleeves and skirts.
"Creativity is big business but it's also important business, especially
where kids are concerned," says Eckstut. "With so much controversial,
one-size-fits-all messaging inundating children every day, it's critical to
empower them to express themselves and honor their individuality with
evergreen and wholesome product offerings."
"This is a milestone in our company's history and we are thrilled to have
the opportunity to reach more people in more places and encourage them to tap
into their creativity and individuality," says Staw.
About LittleMissMatched
LittleMissMatched is the groundbreaking company that inspires creativity
and individuality through their breadth of fashion, home and lifestyle
products.
The company launched in 2004 with a collection of mismatched socks sold in
odd numbers to encourage girls of all ages to express themselves each and
every day of the year. Their "nothing matches but anything goes" philosophy
knocked people's socks off and sales jumped from $5 million to $25 million in
just three years. Today, the LittleMissMatched product line includes
everything from socks, winterwear and sleepwear to books, bedding and
furniture for mismatched mavens of all ages. LittleMissMatched products range
in retail price from $5 to $1,200 and are available at specialty boutiques and
department stores nationwide including Macy's, FAO Schwarz, Bed, Bath & Beyond
and J.C. Penney as well as online at http://www.LittleMissMatched.com where
additional information may be found.
About Catterton Partners
With more than $2 billion under management, Catterton Partners is a
leading private equity firm in the U.S. focused exclusively on the consumer
industry. Since its founding in 1990, Catterton has leveraged its investment
capital, strategic and operating skills, and network of industry contacts to
establish one of the strongest investment track records in the consumer
industry. Catterton invests in all major consumer segments, including Food
and Beverage, Retail and Restaurants, Consumer Products and Services, and
Media and Marketing Services. Catterton has led investments in companies such
as Breyers(R) Yogurt Company, Wellness Pet Food, The Worth Collection,
Build-A-Bear Workshop, Cheddar's Restaurant Holdings Inc., OSI Restaurant
Partners, P.F. Chang's China Bistro, Baja Fresh Mexican Grill, Frederic
Fekkai, Kettle Foods, Farley's and Sathers Candy Co., and Odwalla, Inc. More
information about the firm may be found at http://www.cpequity.com.
Contact:
Karyn Ravin of Maletzky Media
212-829-0150
karyn@maletzkymedia.com
SOURCE LittleMissMatched
Karyn Ravin of Maletzky Media, +1-212-829-0150, ext. 1,
karyn@maletzkymedia.com, for LittleMissMatched
