|By Business Wire||
|August 12, 2014 06:01 AM EDT||
H.I.G. Growth Partners ("H.I.G."), the dedicated growth capital investment affiliate of H.I.G. Capital, announced that it has partnered with Colleen Winter and Debra Cannon, the owners of LuLu*s Fashion Lounge (“LuLu*s”, or the “Company”), to make a strategic investment in the Company. Founded in 1996, LuLu*s is a rapidly growing e-commerce retailer of young women’s apparel, shoes and accessories.
Headquartered in CA, LuLu*s has emerged as the online style destination of choice for trendsetters worldwide. The Company delivers a superior experience to consumers by curating a unique product assortment that includes the coveted LuLu*s label, emerging new designers and favorite go-to brands. LuLu*s has leveraged this differentiated merchandising strategy to foster a highly-engaged and loyal customer base.
Co-Founder and CEO, Colleen Winter said, “We are very excited about this partnership with H.I.G. and the shared vision we have for the next stage of LuLu*s growth. H.I.G.’s investment will provide us the capital and strategic resources necessary to grow the LuLu*s brand.”
John Kim, a Managing Director with H.I.G. Growth Partners, commented, “LuLu*s is an emerging market leader that provides tremendous value to consumers and suppliers in the fastest-growing segment of e-commerce. We are excited to partner with Colleen, Debra and the entire LuLu*s team to continue the Company’s strong growth trajectory, grow the LuLu*s brand, and introduce the LuLu*s experience to an even greater audience of consumers.”
As part of the investment, John Kim and Evan Karp from H.I.G. Growth Partners will join the LuLu*s Board of Directors. The Company has also named to its Board Shelley Nandkeolyar, who brings over 20 years of experience that span both apparel and direct-to-consumer e-commerce, including serving as President of Home Depot Direct Brands, VP of e-Commerce at Williams-Sonoma and President/CEO roles at several apparel retailers.
About Lulu*s Fashion Lounge
From humble beginnings, LuLu*s was founded by the mother/daughter team of Debra Cannon and Colleen Winter in 1996, starting as a vintage boutique in Chico, CA that transitioned purely online in 2008. Leading the way as the lifestyle destination for fashion infatuated shoppers worldwide, LuLu*s has created a one stop shop for all things chic. For more information, please visit www.lulus.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $15 billion of capital under management. We seek to make both majority and minority investments in strong, growth oriented businesses located throughout North America, South America and Europe. We will invest $5 million to $30 million in equity in a given company and target investments in profitable growth oriented businesses with between $10 million and $100 million in revenues. We consider investments across all industries, but focus on certain high-growth sectors where H.I.G. has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. Growth Partners strives to work closely with our management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
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