Draper James, a Southern-inspired retail brand developed by actress Reese Witherspoon, has announced the closing of $10 million in Series B financing. Draper James is said to be influenced by southern living and embodies the personal style and sensibility of founder and creative director, Reese Witherspoon.
The company launched as a web-based direct to consumer business in May 2015, the company stated. Plans call for the first brick and mortar store under the banner to open in Nashville later this month. Designed in-house, the Draper James product mix consists of ready-to-wear, accessories, and home decor.
A portion of the product is manufactured in the United States, specifically in the South. Draper James plans to focus initial store expansion in the South, with a wholesale and licensing rollout starting in 2016.
The Series B financing round was led by Forerunner Ventures, a venture capital firm, with participation from Stone Canyon Industries and existing investor JH Partners.
According to the company, the new financing will allow Draper James to accelerate growth and introduce the brand to a wider audience.
“I am so thrilled by the overwhelming response to Draper James,” Witherspoon said. She added that after the company had sold product in all 50 U.S. states and more than 15 countries overall, “it is clear that customers are really responding to our brand. Being born and raised in the South, I take great pride in the brand story. I am so excited to be partnering with such a great group of investors to make it possible for Draper James to broaden its product assortment and extend our reach.”
