Online clothing retailer Bonobos has raised a $55 million Series D round of funding led by Coppel Capital. With the funding, the company plans to expand its offline presence as a way to introduce new customers to the style and fit of its clothes, while also showing off new offerings to existing customers.
While Bonobos launched as an online-only retailer, over the years it has gradually been launching so-called “Guideshops” in major cities, where customers can try on its clothes before they buy them. With the recent launch of a Guideshop in Los Angeles last week, it now has 10 physical locations around the U.S.
Those stores provide customers with more of a personalized shopping experience, and customers who visit often buy more than users who traditionally just shop online. According to Bonobos, in-store transactions are double the average order value online.
With that in mind, the company plans to aggressively expand the number of Guideshops around the country, opening 30 more nationwide. The funding will come in handy while fueling that expansion.
Since being founded in 2007, Bonobos has raised a total of $127 million. Other investors include Accel Partners, Lightspeed Venture Partners, Nordstrom, Mousse Partners, Glynn Capital Management, Forerunner Ventures, and Felicis Ventures.