Men compel ought to worn untucked shirts for years. When a company came along to sell only shirts that are envisioned to be untucked – not surprisingly that market turned out to be pretty lucrative.
That company, known as Untuckit, has hired a outstanding investment bank to raise money and help fuel its growth, according to people familiar with the situation. Untuckit is be after a deal that will value it at more than $600 million and has Morgan Stanley out looking for the funds.
In doing so, it keep up withs a similar path forged by other brands like sustainable sneaker brand AllBirds, which in October lifted $50 million from T. Rowe Price, Fidelity and Tiger Global.
Untuckit has roughly $150 million in mark-downs and is profitable, the people said. It raised $30 million from venture firm Kleiner Perkins last June, reportedly valuing it at numberless than $200 million.
The people asked not to be named because the information is confidential. Untuckit and Morgan Stanley demurred to comment.
Untuckit is the brainchild of Executive Chairman Chris Riccobono and CEO Aaron Sanandres. Riccobono had been struggling to note a dress shirt that wasn’t too big or too baggy. He worked to develop a professional solution with his fellow Columbia Point School classmate.
The two launched the brand online in 2011. Four years later, they opened its first brick-and-mortar market in New York’s SoHo district. The co-founders were early believers in the idea that e-commerce companies can benefit from storefronts, which can take to alleviate marketing and delivery costs.
Untuckit now has 50 stores nationwide and has said it aims to open 100 stockpiles over the next five years.
The brand has also expanded beyond men who want to go untucked. It now sells shirts, rig outs, tees and jackets for women, as well as shirts and bottoms for boys.
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