LOS ANGELES--(BUSINESS WIRE)--Hammitt, Inc., an emerging leader in the prestige handbag market, today announced the commencement of an up to $25 million offering of common stock under Regulation A of the Securities Act. Shares of Hammitt are available at $1.10 per share, with a minimum purchase of $550.
There is no underwriter or placement agent in connection with this offering. Dalmore Group, LLC, member FINRA/SIPC will perform certain administrative and technology related functions in connection with the offering.
Hammitt was founded in 2008 and jump started by now-Chairman Tony Drockton, who recruited Andrew Forbes in January 2018 to serve as CEO of Hammitt; Andrew served as CFO at Vidal Sassoon, COO of Jimmy Choo USA, and CEO of Kardashian Brands and Taryn Rose. Since 2018, the brand’s revenue has grown at nearly 30% per year, with growth projected to hit 60% in 2021.
Hammitt’s designs mark the future of American luxury handbags, with a hybrid formula that celebrates both fashion and functionality. The brand also offers a lifetime promise of complimentary repairs, thereby bolstering the brand’s commitments to longevity and sustainability.
Online, Hammitt’s direct-to-consumer sales channel has been growing at nearly 100% per year. The brand’s nationwide credibility comes in part thanks to over 800 formidable wholesale partners, from family-operated retail giants like Dillard’s and Von Maur to luxury resorts including The Four Seasons, Ritz Carlton Hotels and Montage Hotels & Resorts.
Now, Hammitt aims to expand their community through this round of Regulation A funding. Funds will be used to continue scaling Hammitt’s already-expansive advertising efforts and increase inventory levels in response to consumer demand. Certain investors, based on their investment level, will be acknowledged for becoming part of the Hammitt family and receive a limited edition gift as an exclusive perk.
The offering is made pursuant to an offering circular filed with the U.S. Securities and Exchange commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Potential investors can learn more about Hammitt at the brand’s investor page invest.hammitt.com.
Hammitt designs to surprise and delight with every innovation, staying one step ahead of their customers’ wildest wish lists. Whether it’s an accessible cell phone pocket, laptop sleeve, six-way reversibility or straps that adjust for every height, there are nuggets of functionality in every Hammitt silhouette. Further, every zipper and piece of hardware is covered with a lifetime promise of complimentary repairs, so the Hammitt woman can plan to pass her favorite styles down for generations to come.
To connect with HAMMITT Los Angeles:
www.hammitt.com // @hammittla