Online-native footwear brand Sole Society is kicking things up a notch. The company, which launched in 2011 as a direct-to-consumer e-commerce venture with $100-and-under shoes, announced on Wednesday that it has raised $8 million in a Series B round of funding from Nordstrom and Insight Venture Partners.
If you're just tuning in, Sole Society came into this world as a sister site to the flash sale company Hautelook, just a few months after Hautelook was acquired by Nordstrom for $270 million in February of 2011. At the tail end of that year, though, Sole Society was spun off as a separate company — not that that was the end of its relationship with Nordstrom. In 2012, Sole Society added a traditional retail channel to its business model and started selling through the Seattle-based department store, which had come on board as an investor. The company has also added on bags, jewelry, accessories and kids' shoes to its product offering.
More recently, Sole Society has seen a changeup in its executive ranks. Longtime employee Andy Solomon stepped into the role of CEO in January, replacing Andrea Wasserman (now of Hudson's Bay Company). Sole Society has also welcomed this year a new CFO, Louisa Chen from Guggenheim and Barclays, and a VP of marketing, Marly Dreis of Kenneth Cole and Calvin Klein.
With this cash injection, the goal is to expand its retail network, Solomon said in a statement. Stay tuned for that, shoe monsters.