Knot Standard has gotten another infusion.
The New York-based custom men’s brand has received what it characterized as “a significant minority investment” from Provenance, a growth equity investment firm based in Los Angeles. Terms were not disclosed.
In 2015, the brand received a similar investment from Traub Associates.
Founded in 2010, Knot Standard currently operates showrooms in seven cities across the country and said it will use the investment to add showrooms in other markets around the country.
“Knot Standard created an extraordinarily loyal and valuable customer following in the premium/luxury segment of custom men’s apparel, with a true omnichannel system and culture,” said Anthony Choe, founder of Provenance. “We’re proud to partner with the company to replicate their success in other markets throughout the country.”
John Ballay, chief executive officer and cofounder of Knot Standard, said, “Provenance brings tremendous insight as we embark on the next level of growth. Their approach to create value through customer analytics is unparalleled in the investment community.”
“Provenance is a value-added investor and really understands our business and brand,” added Matthew Mueller, Knot Standard’s chief operating officer and cofounder. “We look forward to our continued fruitful partnership for years to come.”
Ballay said that in addition to new markets, the company will “also evaluate which markets have enough demand for multiple showroom locations, based on customer demand and respective city population.” He declined to say which cities are on his wish list.
When Traub Associates invested in the company in November of 2015, Knot Standard had said that it was planning to use that funding to open five additional showrooms in 2016. However, its showroom count remains at seven, the same as it was at the time of the investment. Ballay said following the Traub investment, the company opened a new showroom in San Francisco, as well as shops in Bloomingdale’s stores on 59th Street and in Chicago. “We also renovated and relaunched new showrooms in New York, Houston, and Austin increasing the selling square footage over the last 18 months to meet customer demand,” he said.
In light of Provenance’s investment, Knot Standard also plans to invest in technology, “focus on the development of the omnichannel purchase options for customers and allow customers to purchase and repurchase based upon the customers’ unique preference.”
Other plans include further developing its stylist training program and expanding its custom casual line.
Knot Standard operates showrooms in New York; Chicago; Washington, D.C.; San Francisco; Dallas; Austin; and Houston. The company offers what it calls “digitally bespoke” men’s wear, including suits, blazers, shirts, trousers and casualwear.