Reese Witherspoon’s fashion line raises 10 million dollars

Draper James, a Southern-inspired lifestyle and fashion line founded by actress Reese Witherspoon, has raised 10 million pounds in its Series B financing round. The round was led by venture capital firm Forerunner Ventures, with participation from Stone Canyon Industries and existing investor JH Partners.

Witherspoon’s line, which launched in May this year, sells ready-to-wear, bags, jewellery, home and gift items all designed in-house, and has stated that the new financing will allow the Draper James brand to “accelerate its growth” and introduce its Southern brand to a wider audience, including expanding to wholesale and licensing from next year.

In addition, the money will also help support the company's first retail store that will open later this month in Nashville. It has also indicated that the retail store footprint will then initially be expanded to other Southern markets, no word has been given on which cities are being targeted.

The brand has also announced that Kirsten Green, the founder and managing director of Forerunner Ventures, will join the Draper James Board of Directors.

"I am so thrilled by the overwhelming response to Draper James. Having sold in all 50 states and over 15 countries, it is clear that customers are really responding to our brand," said Reese Witherspoon, co-founder and creative director of Draper James. "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.”

Draper James raises 10 million dollars in Series B funding

Co-founder of Draper James, Seth Rodsky, added: "This strategic investment provides Draper James with meaningful capital to allow for the continued direct to consumer build out, launch and expansion of the retail and wholesale business, the ability to pursue a disciplined licensing rollout and offer more products in apparel, accessories and home decor."

Even though the Draper James brand is only a few months old it has already established a distinctive place amongst contemporary brands by focusing on the American South, as 40 percent of the collection is being made in the South. Within hours of the brand’s e-commerce going live it had sold out of several key pieces, which was helped by the social media promotion of the brand from Witherspoon herself who has been very hands-on with the construction of the company.

In addition to selling fashion and lifestyle items, which have been compared to other preppy-chic brands such as Kate Spade and Tory Burch, Draper James also features editorial content including interviewing influencers in the South, from chefs to writers and musicians, as well as travel guides, and even exclusive content with the actress herself.

Commenting on her investment, Kirsten Green, founder and managing director of Forerunner Ventures, stated: "With so many avenues vying for attention, it's increasingly challenging to gain mind and heart share with consumers. Draper James stands out in this regard.

“It's about so much more than stylish product. It embodies a real sensibility and lifestyle and is rich with storytelling potential. These things matter to the modern consumer and they provide a foundation to deliver an experience. Backed by a team of industry experts and a visionary founder in Reese, this company has the key ingredients to become an iconic brand.”

Image: Draper James