Brooklyn-based Greats Brand has announced a new round of funding in the neighborhood of $10 million. The latest round of funding for the direct-to-consumer brand was led by private equity brand JH Partners with additional funds coming from a host of other investors like Resolute Ventures, retired NFL star Adrian Wilson, Eric Zinterhoffer of Searchlight Capital and other fashion, retail and entertainment moguls who stand behind the brand.
Since its start in 2013, Greats has disrupted the sneaker industry with its direct model which has helped to keep its prices down. They have also managed to double revenue month over month in the first quarter of 2017 against a very crowded market.
“We have a very unique model that allows us to release a collaboration, color or silhouette update every two weeks which keeps Greats top of mind with our customer base,” said Babenzien. “For example, recently we released a collaboration with Brendan Schaub and Bryan Callen of the podcast ‘Fighter and the Kid‘ with the sneaker selling out in 48 minutes.”
“JH Partners is excited to partner with Greats because we believe the company has demonstrated a unique point of view not only in their reimagining of classic silhouettes and design elements, but also in the value proposition the brand delivers to customers,” commented John Hansen, founder and partner of JH Partners. “Greats is an example of the future of specialty retail – a differentiated offering coupled with a channel development philosophy of leading with e-commerce but supplementing those direct-to-consumer sales with targeted retail and wholesale distribution. Their innovative multi-channel distribution strategy creates a brand halo that best facilitates both growth and profitability.”
“We are thrilled to partner with JH Partners and their team,” added Babenzien. “JH Partners has an incredible track record of helping brands reach their potential. They understand our vision and have the expertise to help us take our brand to the next level.”