Provenance has invested $40 million in MeUndies. Based in Los Angeles, MeUndies is an underwear and loungewear company.
LOS ANGELES–(BUSINESS WIRE)–Provenance, a growth equity investment firm based in Los Angeles, today announced it has made a $40 million investment in MeUndies, a leading men’s and women’s underwear, sleepwear, and loungewear brand with a fiercely loyal community of Gen Z and millennial customers. The investment will help MeUndies expand its capabilities in product design, production and distribution; further build the MeUndies online customer community; and expand the brand’s omnichannel operations into additional international markets and physical locations.
“We are highly impressed with Jonathan Shokrian and his team and their proven ability to deliver on MeUndies’ growth strategy,” said Anthony Choe, Founder of Provenance. “The brand enjoys the highest customer loyalty of any company we’ve seen in any consumer category. MeUndies’ fun, creative print designs and affordable range of products resonate strongly with its core millennial and Gen Z audience and the company’s ability to drive growth organically through its brand community is powerful. We’re excited to be co-pilots on this next phase of the brand’s journey and to support its continuing growth.”
MeUndies designs ultra-soft basics, including underwear, socks, sleepwear and loungewear, for both men and women. The brand is committed to celebrating comfort, creativity and self-expression, and is renowned for its ethos of inclusivity, body positivity and transparency; its cause-marketing platform (MeUndies Gives); and its frequent drops of colorful, trendy prints. Customers can purchase products individually or through the MeUndies membership program, which offers discounted pricing, flexible order and delivery options, and early access to the brand’s weekly product drops featuring new prints. The company just celebrated its 16 millionth pair sold.
“We are thrilled to join forces with Provenance, given the firm’s track record of success partnering with leading direct-to-consumer brands,” said Jonathan Shokrian, Founder and CEO of MeUndies. “Over the past nine years, we have worked hard to establish our incredibly loyal community of customers, who love our focus on inclusivity, our high-quality products, our approachable price point, and our frequent and unique product drops. We have a well-established foundation and this investment and our relationship with Provenance will enable us to expand our MeUndies brand community into new markets and new channels.”
MeUndies was advised by The Sage Group, LLC, and Cooley LLP. Provenance was advised by Perkins Coie LLP.
Based in Los Angeles, Provenance is a growth-stage investor focused on digitally intensive omnichannel brands. Utilizing a unique data-driven approach, Provenance was founded to assist an entire generation of brands navigating increasingly complex omnichannel growth strategies. Provenance seeks to partner with outstanding brands to help shape aggressive but prudent long-term growth strategies to maximize brand and enterprise value, while minimizing risk to the organization. To learn more, please visit https://www.provenance.digital/.
MeUndies is a Los Angeles–based underwear and loungewear company best known for its softer-than-soft basics. Founded in 2011, MeUndies disrupted the underwear industry when it launched the first online underwear subscription. Through the years, the brand has inspired a passionate community of undie-obsessed individuals with its bold, creative prints and mission to fuel authentic self-expression.
Today, MeUndies has sold more than 16 million pairs of underwear. It continues to redefine the subscription market by evolving the transactional subscription model to a membership centered on community and inclusion. Through its MeUndies Gives program, the brand supports nonprofit organizations that share its mission and leads in practices of sustainable and ethical manufacturing and workplace diversity and equity.
The innovative direct-to-consumer brand offers multiple purchasing options, including singles, packs and matching pairs in sizes XS to 4XL as well as a monthly membership subscription. MeUndies opened its first flagship store in Los Angeles in 2018.