Ruby Ribbon Closes 7.5 Million in Series C Funding, Plans Expansion
The new investors, advisors and board members collectively bring to Ruby Ribbon deep expertise in areas core to the company's success as well as an investment circle in tune with the company's mission to create thousands of flexible jobs for women while demonstrating sustainable and highly scalable modes of retail.
Ruby Ribbon is an apparel company creating a powerful brand, thousands of jobs for women and a fanatical customer base by offering technology-powered entrepreneurs the opportunity to sell its products through pop-up and virtual retail events. Joey Carter of Direct Selling Capital was formerly the CEO of the billion-dollar home decorating company Home Interiors and Gifts is a former President of the Direct Sales Association and brings deep expertise in managing a sales force of independent contractors. Norm Matthews has more than three decades of experience in retail, including serving as President of Federated Department Stores. He currently sits on the boards of ThredUP Inc., Children's Place, Spectrum Brands, Henry Schein and Party City. DBL Partners focuses on top-tier companies that bring in high returns while creating social impact. Past DBL Partners investments include Solar City, Inc, Tesla Motors, and The RealReal.
"DBL Partners identified in Ruby Ribbon the combination of impressive business results and deep social commitment that are the hallmark of our investments," said Cynthia Ringo, General Partner.
Ruby Ribbon will use the additional funding to continue its nation-wide expansion. The company now has over 1,000 independent stylists representing it in 48 states. The new raise will fund the build-out of additional technology to service the stylist base, an increase in training tools for the stylists and investments in marketing and brand awareness. The company's unique product line includes its award-winning shapewear, essentials with shaping (pants, leggings, skirts and dresses with shaping built-in), and fashion layers. Because independent stylists offer customers high-touch service focused on education and trial, the company has phenomenal repeat purchase rates (nine out of 10 customers plan to purchase again) and very low return rates.
"Ruby Ribbon plans to be the largest apparel company using an independent direct sales force. The new investors and board members will bring expertise and insight that help us attain this goal," said CEO Anna Zornosa.
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