To broaden its channel reach and add new product categories, American specialty retail group Francesca’s Acquisition LLC has purchased LA-based fashion and lifestyle company Richer Poorer for an unknown sum.
The retail company, which runs a nationwide network of Francesca’s and Franki by Francesca’s boutiques selling clothing, jewellery, and accessories, announced in a statement that Richer Poorer would be incorporated as a wholly owned subsidiary under the Francesca’s Acquisition LLC umbrella.
With its upgraded selection of clothing staples for men and women, including sweatshirts, T-shirts, tanks, intimates, skirts, and loungewear, Richer Poorer focuses on “making the world a more comfortable place”. The brand now sells its items in wholesale and direct-to-consumer, and according to Francesca’s, it plans to expand those channels with a full relaunch in 2024.
As president of Richer Poorer, Franki, and wholesale, Iva Pawling, the company’s chief executive and co-founder, will continue to guide the brand.
Commenting on the acquisition, Pawling said, “I am thrilled to see Richer Poorer and our team combine forces with two successful, female-focused brands, Francesca’s and Franki by Francesca’s.”
After being taken private by TerraMar Capital LLC in 2021, Francesca’s has been pursuing a multi-year enterprise growth strategy, which includes the acquisition, for the past two years. While scaling the tween brand Franki by Francesca’s and expanding physical boutique experiences with the introduction of its Fran Club loyalty platform and Forever Fran, a re-sale partnership with ThredUp, Francesca’s has continued to prioritise expanding its e-commerce channel and customer experience.
