Orange County’s Pimpit.com Acquired by Southern California Angel Fund
Leading online retailer of core brands and club wear secures cash infusion.
Costa Mesa, CA (PRWEB) October 19, 2005 -- Executives at Pimpit.com, a leading online retailer of core brand clothing and accessories since 1997, announced today that VGMG, LLC, a California-based angel fund and business incubator, has acquired controlling interest in the company.
VGMG will invest new capital in the company and leverage its network of strategic resources and contacts to grow the company.
“Pimpit.com has done an excellent job cornering a niche market and establishing a lifestyle brand and portal. We will build on Pimpit’s brand equity and success and leverage our resources to propel the company into new mediums that serve the same core lifestyle,” explains Jeremy Gocke, 33, VGMG’s managing director. Gocke will serve as Pimpit’s chairman and oversee strategic marketing and investment opportunities.
“We’re extremely excited about the acquisition, with VGMG bringing to the table new capital, resources, and industry contacts that will take this company to the next level,” says Derek Jaeger, 31, co-founder and CEO of Pimpit.com. “Pimpit.com has established itself as the premier online destination to find the latest trends and brands. VGMG’s participation will help us dominate our space online, establish new retail store relationships, and launch new brands under the Pimpit umbrella.”
According to Jaeger and Gocke, the company has already commenced development on a full redesign of the company’s ecommerce web site and inventory management system to support 10-times current order volume, which they expect to materialize over the next eighteen months thanks to several major retail accounts and licensing arrangements secured in the last 30 days.
About Pimpit.com:
Pimpit.com has been on the forefront of fashion since their inception in 1997. As the trendsetters within the fashion and entertainment business for years, Pimpit has been recognized all over the world in a variety of media sources. Famous core celebrities in the music and entertainment industries wear the Pimpit brand with pride alongside a nation of Pimpit fans.
About VGMG:
VGMG invests in early stage online companies with $500,000 to $1 million in sales, typically in $500 million+ industries where the portfolio company can leverage a defensible brand, technology, or other asset to surpass $10 million in sales within 36 months of the investment.
Contact:
Justin Gocke
Director of Marketing
Pimpit Empire
(949)574-8874
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