Francesca’s Acquires Digital Apparel Brand Richer Poorer
Continuing an ecommerce-focused growth strategy that launched when Francesca’s went private early in 2021, the retailer has purchased California-based wardrobe essentials brand Richer Poorer. The acquisition will add new product categories to the Francesca’s assortment and allow it to leverage Richer Poorer’s wholesale network, as well as help grow its share of wallet in the Gen Z and millennial women’s segments.
“I am delighted to welcome the Richer Poorer team into our expanding portfolio and recognize their success in growing Richer Poorer from startup into a Gen Z-relevant, sustainable brand, which is a great addition to our ‘free to be you’ company culture,” said Andrew Clarke, CEO of Francesca’s Acquisition LLC, the retailer’s parent company. “This will deliver increased operational efficiencies, accelerate our omnichannel capabilities and open new revenue streams.”
Richer Poorer’s purpose, “making the world a more comfortable place,” is reflected in its use of sustainable materials at attainable price points. Focused categories include sweats, tees and tanks, intimates, dresses and loungewear, and its styles have been seen on celebrities including Miley Cyrus, Suki Waterhouse and Jessica Alba.
The brand will continue its current efforts in wholesale and DTC channels this year with a full relaunch planned for 2024. CEO and Co-founder Iva Pawling will continue to lead the brand as President of Richer Poorer, Franki [a Francesca’s brand] and Wholesale.
Francesca’s exited bankruptcy in January 2021 with investment firms TerraMar and Tiger Capital buying its assets for approximately $7.75 million. TerraMar now owns Francesca’s Acquisition LLC, and Tiger Capital participated in this most recent transaction. Francesca’s currently operates approximately 454 stores in 45 states. Financial details of the Richer Poorer acquisition were not disclosed.