New York -- Online menswear brand Bonobos has raised a total of $55 million in venture capital funding, bringing the brand's total funding to $128 million. The company plans to use a large part of the latest investment to quadruple its physical store count, growing from 10 locations to 40 nationwide by 2016, The New York Times reported.
Bonobos’ physical locations, called Guideshops, average about 1,500 sq. ft. The shops do not actually sell inventory. Instead, they act as mini-showrooms where customers can try on items, receive one-on-one style and fit advice from a “Guide,” and then place their order on the company’s Web site. The goods are shipped (free of charge) to the customer’s home within a couple of days.
In February, Bonobos entered the womenswear space, launching AYR, its first women’s brand.