Hari Mari has closed a new round of financing as it sets its sights for what’s shaping up to be a busy 2024 for the company.
According to the 12-year-old Dallas-based premium sandal brand, it recently closed on a $10 million equity raise to support its continued growth plans in the casual footwear and lifestyle space.
The round was led by financial services entrepreneur and former founder and CEO of Riveron, Landon Smith, the company said. Smith and his advisory team will serve an active role in helping Hari Mari management shape and advance the company’s strategic goals in the coming months and years.
“Well-made consumer products in the casual space will serve as growth centers for decades to come,” “We believe Hari Mari is going to be a front-runner in that conversation, and our investment is going to give the brand and its management team the runway to get there. It’s going to be a fun journey,” Smith said in a statement.
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Additional participants in Hari Mari’s equity raise include Montgomery Capital Advisors and DWBI Investments. Subsequent to closing, Method Bank will serve as Hari Mari’s primary banking facility, while also providing the business with a working line of credit.
Jeremy Stewart, Hari Mari’s co-founder and chief executive officer, told FN in an interview on Thursday that the new round of financing is the next step in growing the brand into a household name.
“Footwear is a capital-intensive business, and this new round of financing will help us with those essential, foundational things that will help grow the company,” Stewart said. “We’re investing in our core high-margin flip flop and slipper lines, expanding our audience reach, and strengthening our position to set Hari Mari up for sustainable, long-term growth in the market.”
The new investment is also helping build Hari Mari’s sales team. Stewart noted on Thursday that the company has recently hired industry veteran Dana Sawyer as its new head of sales. Prior to joining Hari Mari, Sawyer most recently served as director of sales at Chaco. He’s also held leadership positions at Ecco.
“We’ve been really focused on bringing this position into the fold for a while,” the CEO said. “Dana is a great example of someone who’s not only going to bring his experience to bear but will also help us bring additional folks and additional sales teams into the fold. So, it’s going to have a ripple effect. And that extends to the Southeast, the mid-Atlantic, the Northeast and California territories. These are the specific areas that we’re really looking to add more folks to our sales team.”
The new influx of cash also helps with Hari Mari’s product pipeline. On Monday, the company launched its first wide-fit flip flop for men. Called “The Grande,” the new sandal is made with a wider footprint and larger volume straps to accommodate bigger feet, specifically a “EE” width.
“A wider fit sandal is something our customers have been requesting for quite some time,” Stewart said. “We’ve fielded hundreds of requests for wider sizes. So, for this launch we’ve taken one of our most popular flip flops and expanded its width to accommodate that larger foot and volume. It’s been surprising how perhaps short sighted we’ve been in terms of the size of our flip flops we’ve been producing; it’s certainly given us a new perspective.”
Also in the works is a collaboration with country music group Midland. According to Stewart, the collaborative sandal will launch this month ahead of Hari Mari’s sponsorship of Midland’s “Last Resort Cruise” in April, a week-long cruise from Miami to the Bahamas. In the same vein, Hari Mari is also a sponsor of the Luck Reunion festival in Texas next week, headlined by Willie Nelson.
“These sponsorships are an opportunity for us to expose new audiences – that are similar to our core customer – to our brand for the first time,” Stewart said. “So, we’re excited for both moments.”
There’s even more coming from the brand this spring. But while Stewart was mum on details, the CEO teased a new brand ambassador and a large retail partnership coming later this season.
