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Bluefly decides to launch full-scale marketing campaign

Jun '05
Online fashion designer brands retailer Bluefly Inc announced it raised slightly over $7 million in gross proceeds in a private placement. The company plans to use a majority of the capital to fund an intensive customer acquisition marketing campaign.

"Over the past eighteen months, Bluefly has achieved impressive growth by revamping our merchandising strategy and re-setting our margin structure," said Melissa Payner-Gregor, Bluefly's CEO and President. "As a result of this success, Bluefly now has the opportunity to accelerate growth by launching a full-scale marketing campaign. Having recently completed a comprehensive customer and prospect analysis, we are poised to use the capital infusion to focus firmly on customer acquisition."

The transaction was arranged by HPC Capital Management LLC of Atlanta and New York, and the investment group participating in the transaction was led by private equity firm Palisades Master Fund. Eight other private equity funds, including two funds affiliated with Soros Fund Management LLC - the company's majority shareholders - also purchased a portion of the new securities.

In connection with the transaction, the new investors also purchased shares of the Soros funds' Series D preferred stock in the Company with an aggregate liquidation preference and accrued dividends of $3 million. The new investors paid the Soros funds $3 million for the Series D preferred stock.

Under the terms of the deal, Bluefly issued $7 million of preferred stock. The preferred stock is convertible into common stock at $2.32 per share, which represents approximately a 5% premium to market at the time the deal was signed.

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