US-based female-oriented lifestyle brand Sole Society has received $8m in series B funding from fashion retailer Nordstrom and venture capital firm Insight Venture Partners.
Founded in 2011, Sole Society sells women’s shoes, bags and accessories both on its own website and in a range of brick-and-mortar stores including Nordstrom.
Sole Society, which has not revealed details of any previous funding, will use the series B capital to support continued growth over the next 12 to 18 months, increase brand awareness and strike deals to stock its products in more stores.
The disclosure of the round coincided with Nordstrom brand strategy director Marly Dreis leaving her position to join Sole Society as vice president of marketing. The company announced the appointment at the same time as its promotion of co-founder Andy Solomon from chief operating officer to CEO.
The executive shake up also involved hiring Louisa Chen from investment firm Guggenheim, where she served as a vice president, to be Sole Society’s chief financial officer
Dreis said: “I believe Sole Society has an incredible product at an unbeatable price. I see enormous opportunity for our relatively young brand.
“The challenge of developing the brand’s voice and visual identity, as well as the ability to build a team and execute a plan to drive growth for Sole Society was an opportunity I just could not pass up.”