LITTLE ROCK, Ark.--(BUSINESS WIRE)--Dillard’s, Inc. (NYSE:DDS) ("Dillard's" or “the Company”) announced a strategic investment with Acumen Brands (“Acumen”), an ecommerce company based in Fayetteville, Arkansas. Founded in 2009, Acumen Brands (www.acumenholdings.com) is a rapidly growing ecommerce company that operates twelve online retailers supported by proprietary software and advanced fulfillment systems.
Under the agreement, Dillard’s invested $4.0 million in Series B preferred stock of Acumen Brands leading a $5 million round of growth financing which also included participation from existing investors Noro-Moseley Partners, BLH Venture Partners, the Gravity Fund and the Arkansas Risk Capital Matching Fund.
Dillard’s and Acumen plan to work together to enhance both Dillards.com and Acumen’s twelve online sites. Acumen offers uniquely branded storefronts for a variety of professions and lifestyles including medical uniforms (www.scrubshopper.com), work wear (www.toughweld.com), and western wear (www.countryoutfitter.com).
Acumen will offer technological marketing services and support to enhance Dillard’s online presence, while Dillard’s Vice President Kent Burnett will serve on the Acumen board to provide strategic guidance for the company. In his role at Dillard’s, Mr. Burnett is the Company’s senior executive in charge of information technology and ecommerce.
Recently, Dillard’s announced an increased commitment to the growth of its online store at www.dillards.com with a new Internet Fulfillment Center in Maumelle, Arkansas, opening in the spring of 2012.
Dillard’s President Alex Dillard stated, “We are excited to partner with Acumen Brands, underscoring our continuing commitment to the growth of www.dillards.com. We are impressed with this young company’s accomplishments in the ecommerce arena to date and we look forward to collaborating with this highly talented team as we further develop our online presence.”
Acumen CEO John James, M.D. added, “We are honored to work with Dillard’s in their efforts to grow their online business, and we look forward to learning from their vast experience and success as we work to shape the future of online commerce.”
Dillard’s, Inc. is one of the nation’s largest fashion apparel and home furnishing retailers. The Company’s stores operate with one name, Dillard’s, and span 29 states. Dillard’s stores offer a broad selection of merchandise, including products sourced and marketed under Dillard’s exclusive brand names.
Acumen Brands is an ecommerce company located in Fayetteville, Arkansas. The company was founded in 2009 with four employees and a single store selling medical uniforms. Today, the company operates twelve separate online stores in twelve different niche categories and has seventy employees.