Shoes.com, an online footwear and apparel destination backed by Canadian merchant bank Hardy Capital Partners, has secured $45 million in a private placement transaction. The company said existing investors were the primary source of the funding. Roger Hardy, CEO of Shoes.com and head of Hardy Capital, told Reuters in March that he wanted to take an online shoe retailing company public sometime this year. The Vancouver-based Shoe.com owns and operates several related businesses acquired by Hardy Capital in 2014.
SHOES.COM Completes $45 Million Dollar Non-Brokered Private Placement
VANCOUVER, British Columbia, May 20, 2015 /PRNewswire/ — SHOES.COM, the world’s fastest growing private online footwear and apparel destination, today announced the closing of a non-brokered private placement of common shares. The company raised net proceeds of approximately $45 million, principally from existing shareholders, at a post-money valuation of $320 million with all stock issued being common shares. The offering was significantly oversubscribed.
“It’s been an exciting nine months for the team at SHOES.COM, We are thrilled to see so many of our existing shareholders invest in this follow on round given our recent successes,” said Roger Hardy, CEO of SHOES.COM. “We have been great stewards of capital in the past generating explosive returns for shareholders, and the overwhelming level of interest in this financing reaffirms investor confidence in this exciting growth project and world class team. We are now fully funded to execute our growth strategy over the coming quarters as we build the World’s leading omni-channel footwear and apparel destination.”
Our most recent quarter displayed impressive growth of more than 80 percent year over year. The company is well positioned to meet its 2015 gross revenue target of over $300 million.
SHOES.COM directly connects customers all over the world with premium clothing, accessory and footwear brands. With more than 250 employees across North America, the expertise of its in-house comfort and authentic wear specialists, and a huge combined online presence, SHOES.COM is the world’s fastest growing private online footwear and apparel destination with over 500 brands and 8 million customers across the US and Canada. The company owns and operates SHOES.COM, OnlineShoes.com and SHOEme.ca and is headquartered in Vancouver, Canada.
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