LYMI Inc., doing business as clothing label Reformation, raised $25 million in Series B funding last week.
The round was led by two venture capital firms: New York–based Stripes Group and 14W, and London–based Imaginary Ventures, according to Crunchbase, an online database that tracks startups.
The Vernon-based company, founded by Yael Aflalo in 2009, bills itself as environmentally friendly and has raised a total of $37 million to date.
“For a super-fast growing company like Reformation, raising this much capital is absolutely essential,” said Isaac Nichelson, founder of S3 Source, a downtown fashion agency that helps labels interested in sustainable supply chains and other resources. “The sustainable fashion market is a burgeoning sector within the garment industry.”
Reformation designs and manufactures garments and sources its raw materials in a sustainable fashion, according to its website. Its brand tagline is, “We make killer clothes that don’t kill the environment.”
The company sells women’s clothing, including maxi dresses that retail for $248 and wide leg jeans for $128. Items on the website include information on their carbon and water footprint.
“I would say that there aren’t many direct competitors for Reformation as it plays in the high-end space,” Nichelson said. “Stella McCartney would come close.”
Reformation isn’t Aflalo’s first foray into fashion. She launched a now defunct label, Ya-Ya, in 1999 when she was 21, according to media reports. The company sold clothes to retailers. Reformation sells to customers directly and operates stores in Los Angeles and New York.
The privately-held company reported 2014 revenue of $25 million, according to Aflalo’s interview in Vogue magazine. The company did not return calls for comment.
– Shwanika Narayan
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