Shoes of Prey raises $15.5 million
December 9, 2015 04:21 PM
Nordstrom Inc. went shoe shopping, and it picked up more than a pair of fashionable heels.
The retail chain, No. 19 in the Internet Retailer 2015 Top 500 Guide, is part of a $15.5 million Series B round of funding for custom footwear manufacturer and retailer Shoes of Prey. The round was led by investment firm Blue Sky Funds. With this latest round, Shoes of Prey has raised $24.6 million since launching in 2009.
The move represents a strengthening of the relationship between Nordstrom and Shoes of Prey, No. 843 in the Second 500 Guide. Last year, Nordstrom opened Shoes of Prey Design Studios in six stores, giving the previously online-only brand a retail presence. Nordstrom has since begun selling Shoes of Prey products through its website.
Shoes of Prey, based in Australia, says it will use the investment to bolster its U.S. presence, diversify its products and increase the number of products it produces.
“We hope to open additional physical stores and expand our online channels. We'll also increase production capacity of our dedicated China factory,” a Shoes of Prey spokeswoman says.
The retailer also is close to rolling out new customized products. “Handbags will be next, but we’re looking to expand into clothing, lifestyle products and so on,” the spokeswoman says.
The company says it has sold more than 5 million custom pairs of shoes since its launch.