Canadian clothing and accessories retailer Frank and Oak has raised $16 million in funding. Caisse de dépôt et placement du Québec led the round with participation from other investors that included Goodwater Capital and Investissement Québec.
Montréal, QC – Frank And Oak, the Canadian retailer of clothing and accessories for men and women, today announced the closure of a USD $16 million round of financing led by the Caisse de dépôt et placement du Québec. The round of financing was completed by other institutional and private investors, including Goodwater Capital and Investissement Québec.
These investments will allow the business to accelerate development of its digital experience and support its growth online in North America and other parts of the world. It will also bolster technological projects, through the implementation of artificial intelligence in its Style Plan program of personalized recommendations and through the development of integrated omnichannel technologies. Building on a solid foundation of creativity and innovation, Frank And Oak will continue to expand its product offering and propose additional styles, while continuing to invest in its supply chain.
As e-commerce grows around the world and the retail sector reels from upheavals, this investment confirms the ample opportunities available to this Montreal company. By combining a vertically integrated supply chain with a digital model directly targeting consumers, Frank And Oak remains determined to offer a unique personalized shopping experience that helps customers dress with style, quickly and efficiently.
“Frank And Oak is extremely proud to have obtained the support of exceptional investors in this round of financing led by the Caisse de dépôt et placement du Québec,” said Ethan Song, Co-Founder and Chief Executive Officer of Frank And Oak. “Our alliance with this strong institution and our other key partners demonstrates the level of confidence in our business. We are dedicated to the idea of investing in a technology that is redefining retail and transforming the shopping habits of tomorrow’s consumers.”
“While the digital transformation is now a rite of passage for retail businesses, Frank And Oak is one of the visionary companies that was a precursor of online commerce in Quebec,” said Christian Dubé, Executive Vice-President, Quebec of the Caisse de dépôt et placement du Québec. “We are pleased to invest in the business as it continues to innovate with technology.”
Arrival of new members at Frank And Oak
Notable personalities from the business world are also joining Frank And Oak’s executive team. First, Éric Simon has returned as Chief Financial Officer. He was previously Vice-President, Finance and Administration at Fibrenoire, and has over 20 years of experience in corporate finance. His analytical mind and strategic vision will allow Frank And Oak to optimize operations, boost productivity and continue expanding. Earlier, Frédéric Boivin joined the organization as Vice-President of Merchandising and Brad Evans as National Sales Manager. Both of them are retail experts.
Joanne Nemeroff, a leader known for her in-depth knowledge of local and international retail, now serves on the Board of Directors of Frank And Oak. She has been President of Limited Brands Canada and La Senza, and has held positions at Aldo, Holt Renfrew Ogilvy and Reitmans.
The company now benefits from cutting-edge strategic expertise to grow the brand on all fronts.
ABOUT FRANK AND OAK
Combining style, design and technology since it was founded in 2012, Frank And Oak offers collections of clothing and accessories for men and women that are thoughtfully designed and well suited to the lifestyles of its customers. Present on the web and in 16 boutiques across Canada, the brand provides a personalized online experience to hundreds of thousands of members, surpassing its role as a retailer to reinvent the customer experience.
Inspired by ethical thinking and with an eye to the future, Frank And Oak upholds the values of equity, diversity and inclusion and works to promote them in its communities.