A Canadian clothing retailer has secured a new funding round to lead their digital growth around the world.
Frank And Oak has announced the closing of a $20 million financing round led by Caisse de dépôt et placement du Québec. The new funding round also saw participation from other institutional and private investors such as Goodwater Capital and Investissement Québec.
The new investments will allow the Montreal-born Frank And Oak to expand their brand and accelerate the development of their digital offerings throughout North America and the rest of the globe. Along with expanded operations, the new equity will help boost their pure tech features as well. Frank And Oak will implement AI capabilities in their Style Plan program that creates personalized recommendations. The funding will continue to help expand product offerings while also building on how the supply chain is utilized and organized.
“Frank And Oak is extremely proud to have obtained the support of exceptional investors in this round of financing led by the Caisse de dépôt et placement du Québec,” said Ethan Song, co-founder and CEO of Frank And Oak. “Our alliance with this strong institution and our other key partners demonstrates the level of confidence in our business. We are dedicated to the idea of investing in a technology that is redefining retail and transforming the shopping habits of tomorrow’s consumers.”
The new funding allows Frank And Oak to stay competitive while also delivering their product through a vertically integrated supply chain.
“While the digital transformation is now a rite of passage for retail businesses, Frank And Oak is one of the visionary companies that was a precursor of online commerce in Quebec,” said Christian Dubé, EVP at Quebec of the Caisse de dépôt et placement du Québec. “We are pleased to invest in the business as it continues to innovate with technology.”
Frank And Oak also announced a few new additions to their team as well that will help them continue to expand digital operations and grow the brand.
Éric Simon is returning as the CFO, previously serving as the VP of finance and administration at Fibrenoire. He will look to optimize operations and boost productivity overall. In an earlier move, Frédéric Boivin joined as the VP of merchandising, and Brad Evans as a national sales manager.
To round out the additions, Joanne Nemeroff is joining Frank And Oak’s board of directors. She has previously served as the president of Limited Brands Canada and La Senza.
In total, Frank And Oak owns 16 boutique locations across Canada, selling their high-quality men and women’s wear since being founded in 2012. They last raised funding back in 2014 when they picked up a $15 million Series B, and in 2015 were named as one of the most innovative retailers in the world by Fast Company, alongside behemoths like Alibaba and Pinterest.