Richmond-based luxury fashion retailer Need Supply Co. has merged operations with another retailer — Seattle-based Totokaelo.
Need Supply’s Chris Bossola is leading the merged company called NSTO.
The combined company’s headquarters is in a 20,700-square-foot space in the HandCraft cleaners building at 3301 W. Moore St. in Scott’s Addition, where Need Supply has its operations.
“We intend to be the largest and most influential fashion platform in the U.S.,” CEO Bossola said in a statement. “These brands have been leading the intersection of luxury fashion and premium streetwear for more than two decades.”
Need Supply’s three stores — its flagship store in Carytown in Richmond and two stores in Japan — and Totokaelo stores in New York and Seattle will continue to operate under their existing brand identities.
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Need Supply’s robust e-commerce business, supported by a 60,000-square-foot fulfillment center in Sandston, also will continue operations as usual. The company also operates a photo studio in Richmond.
Need Supply opened in Richmond in 1996 and has grown into a global retailer. Totokaelo (pronounced toe-toe-kai-oh) was founded in Seattle in 2008.
Employees of each company are now employees of NSTO. Information technology, finance, human resources, customer services and web development departments will be based in Richmond.
NSTO’s creative, merchandising, planning and product development teams will work out of New York.
Need Supply since at least 2017 has provided operational support to Totokaelo. Totokaelo was acquired in 2016 by Cormack Capital Corp., which also held an ownership stake in Need Supply.
Need Supply raised nearly $3 million in investment capital in 2018, according to regulatory filings. The most recent offering was a $400,000 debt raise, the company said in a filing with the U.S. Securities and Exchange Commission in August. Additionally, the company separately raised $1 million in March 2018, $1 million in April 2018 and $500,000 in June 2018, according to the SEC filings.
Need Supply also raised $3.8 million in 2017 in three separate notices, the filings show.