Hari Mari, the casual footwear and lifestyle brand, recently closed on a $10 million equity raise to support continued growth. The company said the brand is known for “infusing color and comfort into its distinctive flip-flop line.”
The 12-year-old Dallas, TX-based brand, which the company announced had “gained traction in the $26 billion global sandal market with its no break-in MemoryFoamToe and high-end casual footwear,” announced the equity round closure on the eve of its Spring 2024 collection launch.
“This is a very special day for Hari Mari,” said Jeremy Stewart, co-founder and CEO. “Since starting the brand from our garage in 2012, my wife and I have dreamed of growing Hari Mari into a household name. Hari Mari makes best-in-class footwear and delivers exceptional value to its great customers. With this raise under our belt, we’re investing in our core high-margin flip-flop and slipper lines, expanding our audience reach and strengthening our position to set Hari Mari up for sustainable, long-term growth in the market.”
Financial services entrepreneur and former Founder and CEO of Riveron, Landon Smith, led Hari Mari’s equity investment round.
“Well-made consumer products in the casual space will serve as growth centers for decades to come,” said Smith. “We believe Hari Mari is going to be a front-runner in that conversation, and our investment is going to give the brand and its management team the runway to get there ‘It’s going to be a fun journey.”
Together with the investment, Smith and his advisory team will reportedly serve in an active role in helping Hari Mari management advance the company’s goals.
“We’re excited beyond words, and to be doing this with incredibly talented people who bring a ton of experience to bear makes it that much more exhilarating,” said Hari Mari Co-Founder Lila Stewart.
Hari Mari’s equity raise participants also included Montgomery Capital Advisors and DWBI Investments. After closing, Method Bank will serve as Hari Mari’s primary banking facility and provide the business with a working line of credit.
Hari Mari distributes its products to over 800 retailers in the U.S., Mexico, Canada, Bahamas, and its owned website.
Image courtesy Hari Mari
