Bonobos, the US-based men’s fashion e-commerce brand backed by retail chain Nordstrom, is in talks to raise $100m in new funding, VentureBeat has reported.
The round is set to value Bonobos, which is working with Citigroup to raise the funding, at about $500m according to people familiar with the matter.
Founded in 2007, Bonobos is most famous for its chinos but produces a range of clothing including suits and dress shirts, golf apparel, shoes and accessories. Sources told VentureBeat it has increased its annual sales to about $150m.
The company was one of the first e-commerce platforms to move into brick-and-mortar retail, establishing a range of guide shops that enable prospective customers to try on clothing that can then be shipped to their homes. It will use the new funding to expand its offline presence.
Bonobos has so far raised approximately $127m in venture funding, according to press releases and regulatory filings. Nordstrom led its $16.4m series B round in 2012 and began selling the company’s clothes in its stores around the same time.
Nordstrom subsequently took part in a $30m series C round the following year alongside Accel, Lightspeed Venture Partners, Mousse Partners, Glynn Capital Management, Forerunner Ventures and Felicis Ventures.
The series C investors returned for a $55m round in mid-2014 that was led by Coppel Capital, the corporate venturing subsidiary of Mexico-based department store chain Coppel.
– Photo courtesy of Bonobos