Dillard’s to enhance web presence with strategic investment
Little Rock, Ark. -- Dillard’s said Wednesday it has made a strategic investment in e-commerce company Acumen Brands in a move toward enhancing the department store retailer’s website dillards.com, as well as Acumen’s 12 e-commerce sites.
Dillard’s invested $4 million in Series B preferred stock of Acumen Brands, leading a $5 million round of growth financing which also included participation from existing investors Noro-Moseley Partners, BLH Venture Partners, the Gravity Fund and the Arkansas Risk Capital Matching Fund.
Acumen, based in Fayetteville, Ark., offers branded storefronts for a variety of professions and lifestyles including medical uniforms, work wear and western wear.
Under the agreement, Acumen will offer technological marketing services and support to enhance Dillard’s online presence, while Dillard’s VP Kent Burnett will serve on the Acumen board to provide strategic guidance for the company. Burnett is the Dillard’s senior executive in charge of information technology and ecommerce.
Recently, Dillard’s announced an increased commitment to the growth of its online store with a new Internet Fulfillment Center in Maumelle, Ark., opening in spring 2012.