Sole Society, the online company founded in 2011, got an $8 million funding boost from Nordstrom and Insight Partners.
The investment enables Sole Society to beef up its executive team and expand distribution, according to the company.
Andy Solomon, the newly appointed CEO who previously served as COO, will lead the charge. Solomon, a founding member of Sole Society, has been at the center of the company’s strategy, helping broaden distribution beyond the direct-to-consumer model to retailers such as Nordstrom and QVC.
“We believe there is a significant white space in the market for the Sole Society product. Our customers are looking for high-quality, on-trend (but not overly trendy) footwear, handbags and accessories at a fantastic value,” said Solomon in a statement. “This funding, along with our new leadership team, positions our brand for healthy growth over the next 12-to-18 months and beyond. We look forward to delivering great product for our customers and significantly increasing brand awareness by expanding the places our customers can find Sole Society shoes, handbags and accessories.”
To fuel growth, Sole Society has also appointed two new members to its leadership team. Louisa Chen — who has experience at financial companies Guggenheim, Barclays and Lehman Brothers — has been named CFO. Marly Dreis, meanwhile, has been named VP of marketing. She was most recently brand strategy director at Nordstrom and has held previous roles at Kenneth Cole, Calvin Klein and Armani Exchange.
“I believe Sole Society has an incredible product at an unbeatable price,” said Dreis in a statement. “I see enormous opportunity for our relatively young brand. The challenge of developing the brand’s voice and visual identity, as well as the ability to build a team and execute a plan to drive growth for Sole Society was an opportunity I just couldn’t pass up.”
As reported, the company partnered with Aldo last year on its collection. The Montreal-based powerhouse is the primary shoe and handbag supplier for Sole Society.