Dôen said Tuesday it closed on a Series A investment from Silas Capital as it looks to ramp awareness through stores and marketing.
Dôen, founded by sisters Margaret and Katherine Kleveland in 2016, raised the undisclosed growth equity sum with plans to boost their back-end systems, open more stores in “key markets” and ramp marketing and customer loyalty programs.
“This has been a long time in the making, as our top priority was finding a partner who aligns with our values and long-term vision for growing Dôen,” said Margaret, who is co-founder and CEO.
The announcement confirms reports earlier this year the company could be on the hunt for outside capital.
To the Kleveland’s credit, they’ve built an over $100 million business with less than $1 million in outside capital prior to Tuesday’s announcement with New York-based Silas Capital.
Silas’ investment portfolio also includes Violette_FR, Boll & Branch, Business & Pleasure, ILIA Beauty and Sakara Life among other companies.
Silas Capital investments are typically in the range of $3 million to over $15 million for companies in growth stage. For those raising venture capital, it said it invests in the range of $100,000 to $500,000.
“We see tremendous potential to help grow their deeply loyal community by amplifying e-commerce momentum and further scaling the highly productive retail footprint,” Silas Capital Partner Brian Thorne said. “We are thrilled to partner with Margaret and Katherine at such a pivotal moment in their journey.”
Dôen’s Scale
Dôen started as a direct-to-consumer brand, with online sales growing at a rate of 40 percent year-over-year. It’s focused on gender and social equity through the organizations it works with and the domestic and overseas vendors in its supply chain.
Its ownership structure from the start has been an interesting one.
The Klevelands launched with equity partners Allie Furlotti, Katharine Hall, Hilary Tisch, Hilary Walsh and Phoebe Dean. Each partner leant their expertise to a different function of the business to get it off the ground. In 2020, they added another equity partner from the factory side, although declined to provide details.
It’s unclear if those partners remain with the business today and what equity, if any, they hold in Dôen.
Three years after launching, the company entered wholesale with Net-a-Porter. It later expanded into Saks Fifth Avenue, Nordstrom, Le Bon Marché, Harrods, Holt Renfrew, SKP, Ounass, Tom Greyhound, Bongénie and more than 150 boutique partners.
The company also moved into physical retail and now counts seven stores, including the Montecito Country Mart, Lido Marina Village and Brentwood Country Mart.
The brick-and-mortar numbers are strong with 80 percent growth year-over-year. Comparable sales have increased 46 percent, partially driven by a 65 percent jump at its Bleecker Street store in New York.
Dôen currently employs 160 people in Van Nuys.
Be First to Comment