Women's apparel retailer Nasty Gal announced a $16 million investment led by Ron Johnson, the former retail boss of Apple and former CEO of JCPenney (NYSE:JCP). The investment in the Los Angeles-based company also comes with a seat on the board, reported Re/code.
Johnson is considered the mastermind behind Apple's retail strategy, but he also had a controversial stint as CEO of JCPenney. Johnson's attempt to reinvent the department store ultimately failed, leaving the company to bring back Mike Ullman as CEO and close 40 stores and cut about 2,250 jobs.
These days, Johnson is CEO of an e-commerce startup called Enjoy, which has yet to launch.
Index Ventures, along with others undisclosed, contributed to the Series C funding. Index also led a $40 million Series B funding of Nasty Gal back in 2012.
Nasty Gal recently opened its first brick-and-mortar store in the fall and is looking to add another in March. The funding will go toward more expansion of the physical store's presence.
"We don't have an aggressive rollout planned," Nasty Gal founder Sophia Amoruso told Re/code. "We want to get another one open, learn a lot and then hopefully destroy everyone."
Earlier this month Amoruso relinquished her role as CEO of Nasty Gal to Sheree Waterson.
-See this Re/code article
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