Former J.C. Penney CEO and Apple executive Ron Johnson is leading a Series C funding round for apparel retailer Nasty Gal.
Although early reports indicated that Johnson and Index Ventures would provide $16 million, the SEC filing reports that the total investment amount is approximately $12.7 million.
In addition to the funding round, Johnson will join the retailer’s Board of Directors, according to Sophia Amoruso, Founder of Nasty Gal.
Advertisement
Despite opening its first brick-and-mortar store in Los Angeles, Calif., Nasty Gal had a volatile year, experiencing lower-than-projected revenue growth and instituting a number of company layoffs. As a result, Series C funding is significantly less than NastyGal’s Series B, which totaled $40 million.
But Amoruso remains optimistic, telling Re/code that “the size of the deal was more about the fact that the company hasn’t yet committed to opening more than a second store.” She also noted she wants to “be smart about how much ownership she is giving up,” especially after stepping down as CEO in January 2015.
Now acting as Executive Chairman, Amoruso leads Nasty Gal’s creative and brand marketing teams. Nasty Gal President Sheree Waterson has since taken the helm as CEO.
