Santa Monica footwear company Shoes of Prey is turning out to be a pretty good fit for investors.
The label, which lets women design their own shoes, this month received its largest boost of capital – $15.5 million in Series B funding.
Jodie Fox, co-founder and chief creative officer of Shoes of Prey, said the additional financing will help the company meet consumer demand.
“We’re primarily using the funding to expand production capability,” she said. “The other thing is to expand in the U.S. so that we’ll be in other channels and now, with our Nordstrom partnership, we’re (also) looking to continue that.”
Its latest round was led by Australian firm BlueSky Venture Capital with Seattle department store Nordstrom Inc. and downtown L.A. venture capital firm Greycroft Partners coming in as equity partners.
Menlo Park’s Khosla Ventures also added to its investment after leading a $5.5 million Series A funding last year. Shoes of Prey has raised a total of $24.6 million.
The company was co-founded in 2009 in Australia by Jodie and Michael Fox and Mike Knapp, but moved its headquarters to Santa Monica in August.
Jodie Fox said Australia was a wonderful place to start a business but the critical mass of customers is here in the United States.
Plus, it’s physically closer to Seattle’s Nordstrom. The shoe label partnered with the department store last year to carry Shoes of Prey design studios in six Nordstrom stores across the United States. Shoppers can walk in and choose from thousands of styles, materials and colors to create their own shoes.
Old Is New
An overstuffed warehouse filled with vintage clothing and accessories spurred Doris Raymond into launching a second business.
The founder of L.A. vintage boutique Way We Wore will be opening up an online vintage shop, Voguely Familiar, in February.
“My warehouse is bursting at the seams,” she said. “I decided after buying the last stash to put the pedal to the metal.”
Raymond will purchase entire collections, as much as 5,000 pieces, often from estate sales. Merchandise not appropriate for her high-end boutique is stashed inside a 3,500-square-foot warehouse in Gardena, which she said is triple racked with shelving.
“The Way We Wore has evolved into a reputation of (selling) things that tend to be on the higher-price side,” she said. “I feel that’s discouraging for the younger generation, so I thought why not create a situation where pieces are not only affordable but relevant and in good condition.”
Raymond founded her boutique in 2004 and offers shoppers luxury brands such as Chanel, Dolce & Gabbana and Ann Demeulemeester.
Her new website will launch Feb. 29 and will sell everything from clothing by designers such as Sonia Rykiel to jewelry and handbags. Prices will range from $45 to $99 – a stark contrast with items sold at Raymond’s boutique, which can go for thousands of dollars.
She added that even with the steep decline in prices, customers can still expect fashionable merchandise in good condition.
“I feel that it’s criminal for me to hold on to so many things that should be worn and enjoyed,” she said. “It’s going to be value oriented as well as curated for nicer quality things, not just mass-produced (clothing).”
Revolving Doors
Fashion label Avion Clothier by designer Katherine Tsina Bird opened its first boutique this month. The Atwater Village store carries men’s and women’s clothing as well as children’s apparel and home goods. … Hawaiian bikini brand San Lorenzo opened its first L.A. store last week at the Point in El Segundo. The label joins Santa Monica retailer Planet Blue, which opened its store at the shopping and dining plaza last month. … Swiss watchmaker IWC Schaffhausen opened a 2,366-square-foot flagship boutique this month on Rodeo Drive in Beverly Hills. … Retailer Reservoir will be opening up a 4,700-square-foot space on Sunset Boulevard in Silver Lake early next year, following the close of its pop-up shop near L.A.’s Beverly Center this month. The permanent space will offer merchandise by labels such as Rag & Bone, Alexander Wang and Linda Farrow. … Bohemian-style clothing label Hale Bob shuttered its boutique on Robertson Boulevard near the Beverly Center this month. It was the brand’s first flagship store and opened in 2011. … Lynne Koplin has left her position as president of downtown L.A. denim label J Brand, which is owned by Japanese conglomerate Fast Retailing. No successor has been named.
Staff reporter Subrina Hudson can be reached at [email protected] or (323) 549-5225, ext. 251.
