Rhone, the men's active wear and lifestyle brand, announced the closing of a $5M Series A financing.
The round included several influential sports, media, and fashion investors, including Steve Bornstein, former president, CEO and EVP of media for the NFL Network and former chairman, president and CEO of ESPN; David Stern, NBA commissioner emeritus; Ryen Russillo, host of ESPN Radio's Russillo & Kanell; Shane Battier, former NBA player and captain of Duke University's 2001 NCAA championship team; and M3 Ventures, a newly formed investment fund managed by former CAA executive Martin Dolfi, that is focused on early and growth stage consumer brands. Prior to the new cash infusion, Rhone had raised $1.2 million during a seed round in late 2013.
“The Rhone brand has expanded at a rapid rate since our inception in 2013,” stated Co-Founder & CEO, Nate Checketts. “In addition to ever increasing sales online at Rhone.com, come Fall the brand will be available in 20 Bloomingdale's locations, 15 Equinox locations, and 2 Nordstrom locations, as well as over 12 Core Power Yoga and 20 additional gyms and specialty stores.” Checketts attributed Rhone's growth to the brand's premium product offering and the commitment and expertise of the current 10-person Rhone team.
Rhone will utilize the financing to further the brand's product research and development, increase distribution, drive customer acquisition through strategic marketing opportunities, and double the headcount for the Rhone team. In addition, Rhone plans to expand into a 4,000 square foot retail storefront and office in Stamford, CT by early next year. More immediately, Rhone has plans to re-launch their e-commerce site with a focus on customer experience, and has secured the www.Rhone.com domain as the first step in this facelift. Rhone will also launch a temporary retail space in Soho, NYC, opening October 2015 and remaining open through the holiday season.
Rhone uses the most innovative materials and advanced technology available to create a product that is best in its class. The company incorporates silver into the fibers of Rhone garments to create an odor-fighting, antimicrobial fabric, as well as a new Polartec Power Dry patented construction to create a fabric that is quick wicking with maximum breathability. Rhone garments also feature Ultraviolet Protection Factor (UPF) 50 fabrics for sun protection, as well as a Rhone-developed ultra-lightweight, nylon four-way stretch fabric with wicking and quick dry components that allows for maximum performance. Taking the attention to detail a step further, Rhone product names take their inspiration from various iconic male figures throughout history and aim to inspire season after season through the use of quotes embroidered on the inside of the garments. “At Rhone, when we wear the product, we remember these men and the ideals for which they stood, and then strive to better ourselves each and every day,” Checketts further stated.
In addition to offering premium products designed by and made for men, Rhone also focuses on inspiring men to push harder, both personally and professionally, and to be the best version of themselves possible. In order to inspire, Rhone leads by example and partners with numerous charitable causes each year to give back and support men in and around their community. Some of Rhone Apparel's most recent charitable partnerships include The Navy SEAL Foundation, Wounded Warrior Project, Testicular Cancer Foundation and The Dana Farber Cancer Institute.
About Rhone Founded in 2013, Rhone is a premium active wear company that produces high-quality attire for men. Created to fill the current void in the menswear market, Rhone speaks directly to how the modern man lives, works and sweats. Rhone blends innovative materials and classic elements of design into products that stand up in the gym and excel during transitional times. This painstaking attention to detail results in superior fit, form and function. Currently, Rhone Apparel is sold at select Bloomingdales, Nordstrom, Equinox, and CorePower Yoga locations as well as on Nordstrom.com. More information can be found at www.Rhone.com.
