Johnnie-O inks $108-million investment for omnichannel growth
Johnnie-O announced on Monday it has inked a $108-million investment from funds Wasatch Global Investors and Ares Management Corporation, in a bid to accelerate growth in the U.S. lifestyle brand's omnichannel network.
The California-based company said the cash injection from both Ares and Wasatch will "drive and broaden" the brand in 2022, as the company looks to grow its "presence across all channels."
The financing also positions the company to "further nurture" its relationship with consumers and retail partners, and broaden its investor base, the company said in a press release.
As a result, Wasatch and Ares will collectively hold a minority interest in Johnnie-O.
"We are excited to provide flexible capital in support of Johnnie-O’s strong growth plans," said Brian Goldman, partner at Ares.
"This investment dovetails with Ares’ strategy of investing alongside companies with strong brands, compelling track records and best in class management teams.”
Founded in Santa Monica by John O’Donnell, Johnnie-O is a premium lifestyle brand for men. Known for its "West Coast prep" style, it provides consumers of all ages with a broad range of upscale lifestyle apparel, wearable on numerous occasions, including at the office, on the golf course, on the beach or an evening out, according to the brand.
"We are delighted to partner with such high caliber firms as Wasatch and Ares as we continue to grow our brand and community and build the next great iconic American brand," said Dave Gatto, CEO of Johnnie-O.
In 2021, the company's sales and EBITDA grew by more than 80% for the full year, on the back of its e-commerce channel, which contributed "significantly" to the company’s growth, while the wholesale and retail store channels posted "similarly high levels of growth."
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