Dive Brief:
- Randa Apparel and Accessories has acquired the Untuckit brand and operations for an undisclosed sum, according to a Tuesday press release.
- The Untuckit business and its leadership team will remain headquartered in New York City.
- The deal will help the DTC apparel brand “reach its next stage,” according to Untuckit founder Chris Riccobono.
Dive Insight:
Untuckit began with co-founders Riccobono and Aaron Sanandres’ search for a well-fitting men’s shirt designed to be worn untucked.
The company, which was founded in 2010, initially began selling its products online but eventually opened its own brick-and-mortar stores, with over 70 locations globally.
Untuckit previously outlined plans for an even larger store footprint. In 2017, the company said it wanted to open 100 stores by 2022. A year later, the company enlisted investment bank Morgan Stanley to support a fundraising round that would value the company at more than $600 million.
By 2024, Untuckit again said it planned to operate nearly 100 locations by the end of that year.
Now, Randa aims to deploy its financial resources and international presence to kickstart Untuckit’s next period of growth.
Untuckit joins Randa’s portfolio of other brands, including Totes, Moss and Tribal. Randa also has licensing for brands such as Calvin Klein, Cole Haan, Guess, Levi’s and Tommy Bahama, according to its website.
"Untuckit did the hard thing: it built a direct relationship with the consumer, store by store and click by click," Justin Spiegel, president of Randa, said in a statement. "Randa will add capital, global sourcing and market-leading retail relationships to that foundation. Together, we will accelerate the brand's growth and introduce it to many more consumers."
