Hari Mari Closes on Equity Round to Amplify Growth, Push Into Casual Footwear & Lifestyle Space

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Mar 06, 2024, 14:06 ET

$10-Million Round Led by Financial Services Entrepreneur Landon Smith, Backing Future 'Front Runner' in Sandal Space

DALLAS, March 6, 2024 /PRNewswire/ -- Hari Mari, the premium sandal brand known for infusing color and comfort into its distinctive flip flop lines, announced today it recently closed on a $10-million equity raise to support its continued growth plans in the casual footwear & lifestyle space.

The twelve-year-old Dallas-based brand, which gained immediate traction in the $26-billion global sandal market with its no break-in MemoryFoamToe™ and commitment to crafting high-end casual footwear, made the announcement on the eve of its Spring 2024 collection launch on HariMari.com.

'This is a very special day for Hari Mari. Since starting the brand from our garage in 2012, my wife and I have dreamed of growing Hari Mari into a household name,' said Jeremy Stewart, Hari Mari's co-founder and CEO. 'Hari Mari makes best-in-class footwear and delivers exceptional value to its great customers. With this raise under our belt, we're investing in our core high-margin flip flop and slipper lines, expanding our audience reach, and strengthening our position to set Hari Mari up for sustainable, long-term growth in the market.'

Hari Mari's equity investment round is led by financial services entrepreneur and former founder and CEO of Riveron, Landon Smith. 'Well-made consumer products in the casual space will serve as growth centers for decades to come. We believe Hari Mari is going to be a front-runner in that conversation, and our investment is going to give the brand and its management team the runway to get there,' said Smith. 'It's going to be a fun journey.'

In concert with the investment, Smith and his advisory team will serve an active role in helping Hari Mari management shape and advance the company's strategic goals in the coming months and years.

'We're excited beyond words, and to be doing this with incredibly talented people who bring a ton of experience to bear, makes it that much more exhilarating,' said Hari Mari co-founder, Lila Stewart.

Additional participants in Hari Mari's equity raise include Montgomery Capital Advisors and DWBI Investments. Subsequent to closing, Method Bank will serve as Hari Mari's primary banking facility, while also providing the business with a working line of credit.

ABOUT HARI MARI FLIP FLOPS
Hari Mari is a premium sandal & slipper brand based in Dallas, Texas, with distribution in over 800 retail doors throughout the U.S., Mexico, Canada, and the Bahamas. The company also sells its products through HariMari.com, where it offers its full footwear and accessory assortment, including footwear, sweatshirts, shorts & joggers ranging from $60 to $160.

Jeremy & Lila Stewart founded Hari Mari in 2012 with the goal of creating a flip flop brand steeped in comfort, introducing the brand's patented MemoryFoamToe™ at the time of launch to mitigate and do away with the painful break-in periods and toe irritation associated with most sandals. Combining its comfort-first approach with classic looks and color profiles, Hari Mari quickly gained traction for crafting timeless flip flops with modern comfort components.

The idea for Hari Mari came while the Stewarts were living abroad in Indonesia. As such, 'Hari' means 'Sun' in Indonesian, and 'Mari' means 'Sea' in Latin – a nod to the roots of the idea. Hari Mari also gives a portion of its sales to help children and families battling pediatric cancer. The program is called Flops Fighting Cancer.

Hari Mari's Spring 2024 sandal lineup can be found on HariMari.com, along with a full list of the brand's retail partner stores and locations. The brand's best-selling flip flop, is its water-friendly men's & women's 'Dunes' line, retailing for $60.

ABOUT LANDON SMITH
Landon Smith is the Founder and former Chief Executive Officer at Riveron, a national business advisory firm specializing in accounting, finance, and operations. A serial investor, Landon has served as CEO to Envolve, a corporate wellness consulting program, as well as Chairman to Zyyah, a digital home companion that leverages technology, expert knowledge, and relationships to radically simplify home management. Smith ensures management, investors, and board members are aligned and empowered to fulfill each firm's strategic vision and achieve rapid growth with the initiatives & causes he spearheads.

Contact:
Lila Stewart
(214) 908-0282
[email protected]
Office 214-637-2700

SOURCE Hari Mari