Bluefly creates a buzz with a $3 million ad campaign
Bluefly Inc. plans on using a newly acquired line of credit to launch a $3 million national advertising campaign.
Online fashion retailer Bluefly, No. 123 in the Internet Retailer Top 400 Guide to Retail Web Sites, secured a new $7.5 million credit facility with Wells Fargo Retail Finance LLC in July, the company reports. It has the option to increase its maximum borrowing under the facility up to $12.5 million. The Wells Fargo facility replaces the company`s $3.5 million credit facility with Rosenthal and Rosenthal Inc.
In its recently filed quarterly earnings report with the Securities and Exchange Commission, Bluefly says the new line of credit will be used to launch a national advertising campaign.
“Based on our improved merchandise strategy and recent customer research, we believe that there is an opportunity to accelerate the growth of our business while continuing to provide our customers with the great values that they have become accustomed to. In an effort to take advantage of this opportunity, we raised $7 million of equity financing in June and intend to use a majority of the proceeds to launch a national advertising campaign,” the company says.
New York’s McCaffery Ratner Gottlieb & Lane will be the advertising agency-of-record for the multi-media campaign scheduled to break in the fourth quarter, Bluefly says.
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