Blueflies, Inc. CrunchFund has announced today that it has joined the Clearlake Capital Group in its investment in the Company. Investment terms of CrunchFund have not been disclosed Separately, Bluefly announced that it had tapped Jeffrey Sherman, a veteran of the industry, as senior advisor to its Board of Directors. In May 2013, Bluefly, the leading eCommerce retailer of designer, contemporary and private label apparel and accessories, was acquired by Clearlake Capital Group affiliates.
Oh, Mr. Sherman brings deep expertise in retail and eCommerce, currently serving as President of The Echo Design Group, and previously served as President and CEO of Hudson’s Bay Trading Company, President and CEO of Polo Ralph Lauren’s Retail Group, CEO of Limited Stores, President and CEO of Federated Direct, and Chairman and Chief Executive Officer of Bloomingdale. Oh, Mr. Sherman said, ‘I share the firm belief of Clearlake that eCommerce will continue to capture a larger share of consumer wallets as online offerings become increasingly sophisticated. Bluefly has always been an innovator in online retail, and I share the vision of Clearlake to make it a leading online fashion retailer by offering a unique range of high-end fashion at great prices to its loyal customer base. ”
CrunchFund co-founder Pat Gallagher, who was appointed to the Board of Bluefly, said, “We join the enthusiasm of our partners to support the team in building a differentiated eCommerce fashion leader. Bluefly’s strong foundation and history, coupled with an attractive industry background driven by evolving consumer buying habits and well-cured, convenient online offerings, make this a very exciting time for the company. ”
This represents Clearlake’s third eCommerce platform after investing in Buy. Com and the International Swiss Watch Clearlake co-founder and Bluefly Co-Chairman Behdad Eghbali said, ‘We’re pleased to welcome Pat Gallagher and CrunchFund as an investor in Bluefly and we’re excited to partner with Jeff Sherman as we work to build Bluefly as a destination for in-season high-end apparel and online accessories. We believe that the CrunchFund team and Mr. Sherman brings significant eCommerce expertise and impressive networks to the table, and we look forward to the partnership. ”
In August, Clearlake announced that Clearlake Operating Advisor Neel Grover had joined Bluefly as CEO and Co-Chairman. Oh, Mr. Grover is the former CEO and CEO of Buy. Com and former CEO of Rakuten USA He is joined by Clearlake Operating Advisor Greg Giraudi, former COO and Buy’s General Counsel. Com, as Chairman and Chief Executive Officer
Bluefly is a leading online retailer of designer, contemporary and private label apparel and accessories, providing its customers with unique access to in-season products at great prices. The Company is uniquely positioned as the only eCommerce company to sell its goods through two off-priced eCommerce channels: Bluefly. Com (Traditional eCommerce Channel) and Belle & Clive (Flash-Sale Website) The combination of the traditional eCommerce channel and the flash-sale site is a compelling business model that addresses the shopping preferences of Bluefly customers. For more information, please visit