The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Jim Weinberg will oversee merchandising for the growing company.
Flash sale site Beyond the Rack has hired Jim Weinberg as vice president and chief merchandising officer. He will supervise the e-retailer’s merchandising teams in Beyond the Rack’s Montreal and New York offices.
Weinberg had worked as senior vice president and general merchandising manager for Burlington Coat Factory. He also worked in senior management positions for such retailers as Macy’s Inc., No. 20 in the Internet Retailer Top 500 Guide, Hecht’s, Robinson’s and The Limited.
“Jim Weinberg is a leader in the industry with a wealth of merchandising and buying management experience,” says Yona Shtern, CEO of Beyond the Rack. “His expertise in both traditional and off-price retail will be integral as Beyond the Rack continues to expand its numerous retail categories.”
In July, the invitation-only online sales club, which launched almost two years ago, announced it had raised $12 million in new funding from venture capital firms Highland Capital Partners LLC and BDC Venture Capital Inc. The company previously had raised $4.5 million in a prior investment round.
Beyond the Rack offers up to 10 new deals each day in such product categories as apparel, accessories, beauty, housewares and home décor. The company employs 180 workers and has 2 million members.