Shoes.com raises $45 million
May 21, 2015 01:21 PM
Fast-growing online shoe e-retailer Shoes.com has raised $45 million in private funding, hot on the heels of its best quarter in terms of sales, which increased 89% year over year. The funding comes mostly from the company’s existing shareholders.
The Vancouver-based e-retailer, which also owns OnlineShoes.com and ShoeMe.ca and ranks No. 180 in the Internet Retailer 2015 Top 500 Guide, says it plans to use the funding to continue its steady growth.
This latest round of funding could be a prelude to an initial public offering. In March, CEO Roger Hardy told Reuters that he was thinking about taking the retailer public at some point this year. On Thursday, Hardy did not confirm or deny plans for an IPO, telling Internet Retailer via email, “There is clearly lots of interested in what the company is doing, for now we are focused on growing the company and serving customers.” The new funding gives Shoes.com a valuation of $320 million.
Shoes.com last week reported its sales increased 89% year-over-year during the first quarter of 2015, to $60 million from $31.75 million during the same period last year. Its biggest gains were made in its home country, with the number of returning customers from Canada up 1600% and the number of site visits from Canadian shoppers up 149% year-over-year, the company said.
The retailer last year posted its largest year-over-year sales growth in the past six years. It generated an Internet Retailer-estimated $169.2 million in sales in 2014, up 20% from $141 million the year before.
Women account for 55.14% of Shoes.com’s customer base and 57.14% of Shoes.com shoppers are 45 or older, according to Internet Retailer’s Top500Guide.com.