To help bolster the company’s growth, UNTUCKit has reportedly tapped a bank in an effort to bring in investment funds. The company, which is said to have enlisted the help of Morgan Stanley, is looking for a valuation north of $600 million, CNBC reported.
Neither Morgan Stanley nor UNTUCKit would comment on the report, but people close to the matter told the outlet that the company is profitable and has about $150 million in sales. While the brand got its start with men’s shirts, it has since expanded its concept. The company now offers women’s dresses, T-shirts, jackets and shirts, in addition to boys’ shirts and bottoms. UNTUCKit has 50 stores around the country and plans to add another 100 to its roster.
The brand has already taken in $30 million through a Kleiner Perkins investment, which is said to have given it a valuation over $200 million. UNTUCKit is not the only brand to follow such a path: Allbirds, a brand of sustainable sneakers, notched $50 million in funding through Fidelity, T. Rowe Price and Tiger Global.
UNTUCKit was built on the idea that men should be able to wear their shirts untucked without looking unkempt. Chris Riccobono, a former healthcare consultant, is the brainchild behind the brand: He spent 10 years wishing he had a dress shirt that looked good untucked, as most men’s dress shirts are designed to be tucked in.
In its mission to offer a dress shirt that was designed to not be tucked in, UNTUCKit had to reset the measurements of every part of the shirt to create its signature product. The company took an unusual path to market by bootstrapping early on with funding from friends and family. The company then advertised through channels such as radio ads and airline magazines.