The Caisse de dépôt et placement du Québec is leading a $20 million round of financing for the Canadian clothier Frank And Oak.
Alongside consumer technology investor Goodwater Capital and Investissement Québec, the investment aims to accelerate the growth of the company’s digital retail platform, as well as artificial intelligence components of its personalized recommendations to customers.
Headquartered in Montreal, Frank and Oak has 16 boutiques across Canada and emphasizes a personalized experience, especially through its online store.
Read: Ivanhoé Cambridge to revitalize Quebec City shopping centre
“While the digital transformation is now a rite of passage for retail businesses, Frank And Oak is one of the visionary companies that was a precursor of online commerce in Quebec,” said Christian Dubé, executive vice-president for Quebec at the Caisse, in a press release. “We are pleased to invest in the business as it continues to innovate with technology.”
The Caisse also noted Frank and Oak occupies an ideal space in the tumultuous retail sector: using a vertically integrated supply chain combined with an online platform directly targeting consumers.
“We are dedicated to the idea of investing in a technology that is redefining retail and transforming the shopping habits of tomorrow’s consumers,” said Ethan Song, co-founder and chief executive officer of Frank And Oak, in the release.
Read: Caisse invests in Quebec insurance company, takes stake in French engineering firm