SAN FRANCISCO, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Rothy’s, a leading women’s footwear brand, today announced that Goldman Sachs Investment Partners has invested $35 million.
Rothy’s, founded in 2016 by Stephen Hawthornthwaite and Roth Martin, is one of the world’s fastest growing brands, growing revenue 50 times over the past two years. Rothy’s shoes are made from 100% recycled plastic water bottles and other recyclable materials, 3D knitted into seamless silhouettes and meticulously assembled by hand. The result is a comfortable, sustainable and stylish shoe loved by its customers.
Rothy’s is redefining the path for a successful brand in the $370 billion global footwear industry through direct-to-consumer distribution, supply chain ownership, and eco-friendly products. Rothy’s has tapped into and benefitted from a cultural shift, as women are increasingly favoring stylish, comfortable footwear. The Company today announced that it has sold more than 1 million pairs of shoes in 2018 year to date, generating revenue of more than $140 million.
“We started Rothy’s to make shoes that would be loved for their style, practicality and comfort while pursuing our Company’s mission of sustainability,” said Stephen Hawthornthwaite, CEO and Co-Founder of Rothy’s. “We are thrilled to welcome Goldman Sachs Investment Partners as an investor. We look forward to the next phase of our journey in becoming a globally recognized brand.”
“Rothy’s has achieved the rare combination of attributes we look for in a brand: a production process and product offering with differentiated IP, a passionately supportive and loyal customer base and rapid growth achieved through viral means,” said Ian Friedman, Co-Head of Goldman Sachs Investment Partners Venture Capital & Growth Equity team. “We believe that Rothy’s has the opportunity to eliminate consumers’ historical need to compromise on style, comfort or sustainability.”
Rothy’s has diverted more than 20 million plastic bottles from landfills and turned them into flats, loafers, and sneakers for women and girls. Rothy’s commitment to sustainability, paired with its proprietary manufacturing processes, has driven a new level of growth and scale for the brand. Rothy’s owns 100% of its manufacturing processes, including a dedicated and growing facility in China, which allows Rothy’s to rapidly test new products quickly while remaining responsive to consumer demand signals. The Company’s advanced expertise in material science and sustainable design has resulted in the creation of recycled foam materials, 100% vegan and non-toxic adhesives, and carbon-free rubber soles. Additionally, proprietary 3D knitting processes eliminate significant waste during production. While the average shoe production creates about 35% waste, Rothy’s proprietary approach reduces that figure to less than 5%.
Rothy’s offers four stylish silhouettes for women, the Flat, the Point, the Loafer, and the Sneaker, and one silhouette for girls, the Girls Loafer. Rothy’s shoes are available online and the Company recently launched its first retail presence on Fillmore St. in San Francisco. Rothy’s plans to open regional stores in major US cities in 2019 and is expanding internationally this month.
Rothy's is the first ever seamlessly knit line of fashion footwear. And it's about time. Beautiful, comfortable, and sustainable. Technology and hand assembly come together to make each pair of Rothy's a simple and modern solution for life on the go. Each pair of Rothy's gives life to discarded plastic water bottles. Our yarn is soft, stable, and made from recycled PET plastics, and our proprietary 3D knitting process significantly reduces waste. Seamless construction creates support and comfort in every pair. Co-founders Roth Martin and Stephen Hawthornthwaite created and built Rothy's together in San Francisco, California. For more information, visit www.rothys.com.
About Goldman Sachs Investment Partners
The Goldman Sachs Investment Partners (GSIP) Venture Capital & Growth Equity team seeks to partner with entrepreneurs to help them as they build disruptive businesses. The team has invested more than $4 billion in private opportunities globally since 2010 and has five offices around the world. GSIP is part of Goldman Sachs Asset Management. For more information, please visit www.gsipventures.com.
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