LAWRENCE, Mass.--(BUSINESS WIRE)--99Degrees proudly announces a strategic partnership with Reliable Source Industrial, Inc. (RSI), through a Series A financing round. 99Degrees is a Lawrence, Massachusetts based performance activewear manufacturer, launched in 2013 to build a future model of US advanced apparel manufacturing. RSI is a recognized global manufacturing leader in technical activewear for premium brands, producing over 60 million units per year and employing over 10,000 associates worldwide.
This investment and strategic partnership comes at an exciting time for the apparel manufacturing industry. Global supply chains are rapidly shifting due to changing consumer demand. Advances in automation, digitization, and new production technologies open the opportunity for apparel manufacturing to re-shore in the United States. To better meet market needs, a new service model is needed to scale in the US while competing in a fast-changing global industry. 99Degrees is building that future model – focused on speed, innovation, flexibility, and advanced technologies with support from RSI resources and industry network.
This financing will support 99Degrees’ strategic growth while building out flexible quick turn production lines to serve both global and emerging activewear brands and an advanced concept incubation center for wearable technologies.
99Degrees’ CEO, Brenna Schneider, said, “I can’t imagine a better partner to help us scale, create meaningful jobs in the Merrimack Valley and make Lawrence Massachusetts a key epicenter of forward-thinking US apparel manufacturing. From the moment I met Amy and the RSI team, it was clear that we share the same vision for the industry’s future. We are thrilled to draw on RSI’s unparalleled manufacturing expertise and technical know-how while building a model designed for US manufacturing – one based on speed, innovation, and advanced technologies. RSI is a global company recognized for technical expertise, premium quality and deep commitments to its customers, employees, and communities where it operates.”
RSI’s CEO, Amy Hsu, shares Schneider’s view. “Brenna’s vision aligns closely to RSI’s strategic direction and we share her values, including social responsibilities to the local community. Her passion, entrepreneurship, and leadership are the key ingredients for a successful company, and together we believe we can offer the industry a new service model, one predicated on speed, innovation, and quality to better service the activewear apparel industry. Furthermore, we are proud to invest in a woman-owned, woman-led business that will have an important impact on skilled job creation in Lawrence and nearby communities.”
99Degrees was founded in 2013 to build a future model of apparel manufacturing. Its model combines speed, flexibility, innovation and advanced technologies. It currently employs a team of 58 in Lawrence Massachusetts, the birthplace of the US Industrial Revolution, and plans to add several hundred jobs in the coming years.
99Degrees’s growth is further supported by its banking partner, Berkshire Bank, the Baker-Polito Administration and the City of Lawrence. In 2014, 99Degrees raised a Seed Round, bringing together a group of strategic angel investors committed to US manufacturing, supply chain innovation, job creation, and economic mobility. Its early growth was made possible by strong regional support including low interest loans from the Lawrence Partnership, Mill City Community Investments, the City of Lawrence and Boston Impact Initiative as well as top prizes from MassChallenge, EforAll, and the MIT Inclusive Innovation Competition.
For further information, please visit www.99degreescustom.com
About Reliable Source Industrial, Inc.
Founded in 1972, RSI is a world-class activewear apparel manufacturing and services leader. RSI has factories located in 6 countries, employs over 10,000 associates, and produces, over 60 million units a year, including cutting-edge premium products. The company has built a reputation for delivering innovation, reliability, and accountability to its clients and partners, and is a recognized leader in corporate social responsibility in the countries where it operates.
For further information, please visit www.rsiapparel.com