Ruby Ribbon Raises 8.5 Million to Fuel Continued Expansion
As one of the first social commerce companies to target the fast growing, multi-billion dollar shapewear market, Ruby Ribbon introduces customers to its products through independent stylists who invest as little as $200 in order to represent the company at "pop-up" events in venues including beauty salons, exercise studios, living rooms and offices, and to sell through their own websites.
The stylists arrange the events and manage their businesses using a web-based platform provided by the company. This platform offers resources including video-based product training; the ability to purchase product samples; and tools to track and manage their own earnings and those of their teams. The stylists frequently augment the company's technology by using their own devices (i.e. smartphones and tablets) and social media assets to reach customers and promote their businesses.
The new investment will fuel Ruby Ribbon's rapid growth. The company began a limited launch in August 2012, intending to prove out its model by supporting selected stylists near its offices in Burlingame, Calif., and New York. Customer reaction was strong and the original stylists asked to expand their teams to associates in additional states. By the end of 2012, Ruby Ribbon had representation in 20 states. At the end of April, the company will have representatives in 30 states.
"From our first introduction to Ruby Ribbon, we felt the company's fresh approach to the $100 billion market for apparel, combined with a channel that promises both high-growth and service to the customer, was a winning combination," Barr said. "Their success in recent months makes us more certain that our firms' experience with mobile technology and consumer web applications can help accelerate their trajectory."
At the heart of Ruby Ribbon's success is a unique product - all-day comfortable shapewear and Shaping Basics, a new category that the Company invented that includes staples such as t-shirts, leggings and skirts that have built-in shaping technology. Each of the company's products is constructed with Intomi by Ruby Ribbon™, design and technology that ensures each piece smooths, shapes and flatters the wearer. The line benefits from the fact that customers get introduced to it in a setting that offers demonstration, trial, and personalized styling advice. Word about the product has spread rapidly, largely due to the stylists' ample use of social media and technology resources, which allow them to accelerate the growth of their businesses.
"In our first months in the market, we've proven that Ruby Ribbon has created a perfect match between our product and our channel. We are now in a majority of US states and have proven we can scale," said CEO and Founder, Anna Zornosa. "Customer feedback has been fantastic, and the stylists have really fallen in love with the opportunity."
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