Bernie Brennan, former CEO of Montgomery Ward and a board member of eFashionSolutions LLC since last November, has been named chairman of the board of eFashionSolutions, following the completion of a $17.4 million round of financing.
EFashionSolutons provides outsourced e-commerce services to fashion retailers including as Baby Phat, DKNY, jLo, Judith Leiber, Phat Farm, Rafe, Rocawear and XOXO. It also provides e-commerce services for media properties such as Billboard and entertainment properties, including Elvis Presley Enterprises.
The investment in the company was led by ABS Capital Partners, a private equity firm that invests in established and profitable growth companies, and limited partner, Piper Jaffray PEP II. Existing investors Seacoast Capital Partners and Bernie Brennan also participated. Phil Clough and Ralph Terkowitz, general partners at ABS Capital Partners, will join eFashionSolutions` board of directors as a result of the investment.
EFashionSolutions reports a compounded annual revenue growth rate of over 81% since 2002. It says the financing will be used to fund the company`s continued rapid growth by increasing investment in areas such as its information technology infrastructure, e-commerce platform and related software development. EFashionSolutions also says it will expand its international capabilities.
"eFashionSolutions is in an exciting space that is rapidly growing as more fashion brands recognize how an online presence leverages their brand equity while dramatically increasing their sales and margins. We look forward to continuing to expand the solutions we offer our customers and working with ABS Capital Partners and our new chairman to take our company to the next level," said Ed Foy, Jr., CEO of eFashionSolutions.
eFashionSolutions has deployed over 25 client e-commerce sites representing 250 brand licensees and servicing customers in 120 countries.