The Tie Bar Gets New Investors
CHICAGO—The Tie Bar, the Chicago-based online men’s neckwear and accessories retailer, has new investors. Chicago Growth Partners (CGP) has taken a majority stake in the nine-year-old company.
The selection of Anand Shah as CEO, announced in June by founder Greg Shugar, was one of CGP’s first moves. The new investment also gave the company the ability to increase its staff, infrastructure and marketing.
Shugar, who founded The Tie Bar in 2004 with his wife Gina, remains chairman. He commented, “This is a big moment for The Tie Bar. Gina and I started this as a part-time business in our basement so it’s really remarkable to see how far the brand has now come. I’m proud to say we have been a disruptor in the neckwear industry and look forward to our continued success.”
Greg and Gina Shugar started The Tie Bar as an online neckwear retailer, selling high-quality ties for $15. They’ve added other categories, including pocket squares, tie bars, socks and cufflinks. Last year the company doubled its sales from the previous year and hired 28 new people.
