lucy activewear, inc. has closed a $20.3 million round of financing, with retailer Chico's FAS, Inc. joining existing investors Lone Pine Capital, Maveron LLC, Oak Investment Partners and Sutter Hill Ventures in the series G financing. Chico's purchased $10 million of the series G convertible preferred stock financing round, and in connection with this investment, secured a seat on the lucy board of directors.
Founded in 1999, the Portland-based women's activewear retailer currently operates 18 stores throughout the Western United States together with an established e-commerce website. Recently recognized as one of the fastest growing private companies in the Northwest, lucy intends to use the series G financing proceeds to accelerate its store growth. The company will begin its nationwide expansion this year with stores targeted in Washington DC, Virginia and Chicago markets and will also invest in building the foundation for future growth.
“We welcome the investment and vote of confidence from Chico's, a ground-breaking leader in the retail industry,” said Michael J. Edwards, President and Chief Executive Officer of lucy activewear, inc. “This funding and strategic relationship puts us in a key position to accelerate our company growth and build upon our highly successful brand and customer relationship. The lucy brand and stores are known for offering stylish, multi-use activewear, excellent fit solutions and a unique mix of lucy label and best of brands as well as exceptional customer service.”
