Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
CreateTheGroup, a technology and services provider focused on the fashion and luxury industries, has secured $12 million in private funding from the Hargreaves Family. The funds will be used to expand the company’s digital commerce business.
With more than five years of rapid growth under its belt, CreateTheGroup, a technology and services provider focused on the fashion and luxury industries, has secured $12 million in private funding from the Hargreaves Family in the U.K. The funds will be used to expand the company’s digital commerce business, including its e-commerce and social media platforms.
“The Hargreaves’ support further validates why our clients choose us-our ability to balance branding and commerce with a unique offering of best-in-class creative services and a powerful technology platform that makes selling online painless and lucrative for retailers and luxurious for their customers,” says James Gardner, co-founder and CEO of CreateTheGroup. “Together we will continue to expand our technology products and our services to power elite brands’ digital efforts across myriad industries globally.”
Co-founded by Gardner and Tony King, chief creative officer, CreateTheGroup’s clients include seven LVMH brands (10 Cane, Donna Karan, eLuxury, Fendi, Krug, Louis Vuitton and Marc Jacobs) and four Gucci Group brands (Balenciaga, Bottega Veneta, Gucci and Stella McCartney), as well as Burberry, Calvin Klein, David Yurman, Dunhill, Juicy Couture, Oscar de la Renta, St John, Tom Ford, Tory Burch and others.
“For the past five years when an elite fashion brand was looking to embrace the web-from creative branding campaigns to cutting-edge transactional sites-they turned to CreateTheGroup. It’s this technical offering and know-how combined with the team’s immersion in the fashion and luxury worlds that made this a unique and exciting investment opportunity for us,” says John Hargreaves of Hargreaves Family. “We are pleased to be able to help CreateTheGroup extend its products and services and further develop partnerships with their amazing client base.”