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TORONTO, June 22, 2016 – Gibraltar Ventures Fund One Limited Partnership (“Gibraltar Ventures”) announced today its investment in LXR & Co, Inc. (“LXR”), a Montreal-based retailer of vintage luxury handbags and accessories, which closed on a $3.25 million financing. The round was led by Gibraltar Ventures and included participation from several prominent high net worth investors.
LXR connects to its customers through a number of channels including 1) via private label to large discount retailers; 2) online at LXRCO.com, its e-commerce platform available in 13 countries; and 3) its unique, shop-in-shop model with partners such as HBC, Lord and Taylor, Kaufof, Saks Off Fifth, Century 21 and in Spring 2017, Dillard’s. Vintage is the fastest growing segment of the fashion industry and LXR’s primary product focus is women’s luxury handbags from Hermès, Louis Vuitton, Gucci, Prada and Chanel.
“We’re thrilled and honoured to be working with Gibraltar’s industry veterans. Their experienced team of professionals brings a deep understanding of our industry and a shared vision of where we are headed. This investment will enable LXR to continue on its North American and European retail expansion and allows us to take our e-commerce platform to the next level,” said Fred Mannella, LXR’s co-founder and CEO.
“Gibraltar Ventures is delighted to be leading this investment in LXR & Co. We believe in the long-term trend of this segment of the industry and moreover, are inspired by the visionary and dynamic leadership of the company’s co-founders Fred Manella and Kei Izawa,” said Val Sorbie, Managing Director with Gibraltar Ventures.
In 2012, Fred Mannella along with his partner, Kei Izawa began building the foundations of LXR & Co. With roots in the wholesale business, they began growing LXR with each piece bought and sold. Now with 22 retail boutiques, numerous rotating pop-ups, a growing wholesale business and a booming e-commerce website (LXRCO.COM), LXR is taking off to new heights with its omni-channel approach and an impressive network of trusted logistics partners around the world. For more visit: www.LXRCO.com
Gibraltar Ventures invests in early-stage technology-enabled, consumer-facing companies with established product-market fit. Its business purpose is to make portfolio companies stronger and more competitive by accelerating their revenue growth. We achieve this by providing portfolio companies with strategic, sales and business development expertise, access to a network of senior corporate decision-makers and access to growth capital. We do so in partnership with entrepreneurs and our chosen investor partners.