US: CrunchFund invests in online retailer BlueFly
Venture capital firm CrunchFund has acquired a stake in e-commerce apparel retailer Bluefly Inc.
CrunchFund will join Clearlake Capital Group as an investor in the firm. Bluefly was acquired by affiliates of Clearlake in May last year. Financial details of the deal were not disclosed.
Separately, Bluefly has tapped industry veteran Jeffrey Sherman as senior advisor to its board of directors. He is currently serving as president of The Echo Design Group.
CrunchFund Joins Clearlake on Investment in Bluefly, Inc.; Industry Veteran Jeffrey B. Sherman Joins as Board Advisor Clearlake, CrunchFund, and Mr. Sherman Bring Deep Industry Expertise in eCommerce
February 12, 2014 06:30 AM Eastern Standard Time
SANTA MONICA, Calif. & SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--Bluefly, Inc. today announced that CrunchFund has joined Clearlake Capital Group in its investment in the Company. Terms of CrunchFund's investment were not disclosed. Separately, Bluefly announced that it has tapped industry veteran Jeffrey Sherman as senior advisor to its Board of Directors. Bluefly, a leading eCommerce retailer of designer, contemporary and private label apparel and accessories, was acquired by affiliates of Clearlake Capital Group in May 2013.
Mr. Sherman brings deep expertise in retail and eCommerce, serving currently as President of The Echo Design Group and having previously served as President and CEO of Hudson's Bay Trading Company, President and COO of Polo Ralph Lauren's Retail Group, CEO of Limited Stores, President and CEO of Federated Direct, and President and COO of Bloomingdale's. Mr. Sherman stated, "I share in Clearlake's firm belief that eCommerce will continue to capture a greater share of consumers' wallets as online offerings become increasingly sophisticated. Bluefly has always been an innovator in online retail, and I share in Clearlake's vision of building it into the leading online fashion retailer by providing a unique assortment of high-end fashion at great prices to its loyal customer base."
CrunchFund Co-founder Pat Gallagher, who has been appointed to Bluefly's Board, said, "We join in our partners' enthusiasm in backing the team to build a differentiated leader in the fashion eCommerce sector. Bluefly's strong foundation and history, coupled with an attractive industry backdrop driven by evolving consumer buying habits and well-curated, convenient online offerings, make this a very exciting time for the Company."
This represents Clearlake's third platform in the eCommerce space following investments in Buy.com and Swiss Watch International. Clearlake co-founder and Bluefly Co-Chairman Behdad Eghbali said, "We are pleased to welcome Pat Gallagher and CrunchFund as an investor in Bluefly and we are excited to partner with Jeff Sherman as we work to build Bluefly into the destination for in-season, high-end apparel and accessories online. We believe the CrunchFund team and Mr. Sherman bring significant eCommerce expertise and impressive networks to the table, and we look forward to the partnership."
Clearlake announced in August that Clearlake Operating Advisor Neel Grover joined Bluefly as CEO and Co-Chairman. Mr. Grover is former CEO and President of Buy.com and former Director of Rakuten USA. He is joined by Clearlake Operating Advisor Greg Giraudi, former COO and General Counsel of Buy.com, as President and Director.
About Bluefly, Inc.
Bluefly is a leading online retailer of designer, contemporary, and private label apparel and accessories that provides its customers with unique access to in-season products at great prices. The Company is uniquely positioned as the only eCommerce company that sells its merchandise through two off-price eCommerce channels: Bluefly.com (Traditional eCommerce Channel) and Belle & Clive (Flash-Sale Site). The combination of the traditional eCommerce channel and the flash-sale site is a compelling business model that addresses the shopping preferences of Bluefly's customers. For more information, please visit www.bluefly.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake's founding principals have led over 70 investments totaling more than $3 billion of capital in sectors including business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology. For more information, please visit www.clearlakecapital.com.
CrunchFund is an early stage venture capital firm founded by Michael Arrington and Patrick Gallagher. The fund invests in and works with information technology companies at any stage, but is primarily focused on seed and early stage investments. The firm raised its inaugural fund in September of 2011 and has invested in Uber, Square, Airbnb, Redfin and many others.
Original source: Bluefly Inc
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