The news: The House of LR&C, a Seattle-based fashion house co-founded by music superstar Ciara and Seattle Seahawks quarterback Russell Wilson, plans to raise up to $50 million this year as part of a Series A investment round. Axios first reported the news.
The background: The husband-wife duo helped launch the company in 2020 as a way to house their fashion brands — Good Man Brand; Human Nation; LITA by Ciara — under one roof. The brands sell across multiple channels, including direct-to-consumer, wholesale, and later in retail stores, including the first in Seattle opening next month. The company is co-led by former Lululemon and Starbucks exec Christine Day, and employs less than 30 people.
The mission: House of LR&C stands for Love, Respect, and Care. Sustainability and giving back are core tenets of the fashion house, which gives 3% of profits back to charity.
“Our mission is to have a great impact on people and a low impact on the planet,” Ciara said during a fireside chat at the Mekhato Summit in October.
In an interview with Mekhato last year, Day said that the company designed its system to bring together affordable fashion and sustainability.
“You can live your values and still create highly profitable businesses,” Day said.
The growth: Revenue has grown by around 70% over the past year and is now at eight figures, according to Axios. The company also just raised a $7 million convertible note led by Harlem Capital, a firm that invests in minority and women-led companies. Other backers include former AOL CEO Tim Armstrong, now CEO of QR code company Flowcode; David Adelman, founder of Darco Capital; Mark Rodgers, founding partner of Frontline Athlete Management; Ames Watson; Lightspeed Venture Partners; and More than Capital. Advisors include Sheree Waterson, a former exec at Lululemon and Speedo NA, and former Nike exec Gemo Wong.
Other projects: The House of LR&C is one of several business ventures from the power couple. Ciara has her own record label, Beauty Marks Entertainment, as well as a Dare to Roam backpacks line that recently launched. She also sits on the board of Seattle marketing startup Amperity, leading corporate social responsibility efforts.
Wilson is CEO of West2East Empire, a brand management and production company based in Seattle. In 2017 he teamed up with Seattle startup studio Pioneer Square Labs to launch social networking startup TraceMe, which was eventually acquired by Nike.
Last year the couple signed a deal with Amazon to develop and produce scripted series and films. They also run the nonprofit Why Not You Foundation.