Satori Capital has announced its investment in Hobo. Based in Annapolis, Maryland, Hobo designs and produces high-quality branded craft leather accessories in the attainable luxury category. Hobo offers an array of stylish and “timelessly cool” leather goods, including shoulder bags, totes, wallets, belt bags, backpacks, and other leather accessories. InStyle magazine described Hobo’s goods as marrying “excellent quality materials with celebrity-approved style.”
Together with a co-investment partner, Firelight Capital, Satori completed the investment on September 19, 2019. Firelight is a partnership between investors in emerging consumer and retail brands and the founders of a New York-based consumer-focused brand and marketing strategy agency.
Satori expects to accelerate Hobo’s growth by investing in marketing and e-commerce. Despite its core customer loyalty and high conversion rate, Hobo’s brand awareness is less than 20% in part because the company has not historically invested significant capital in marketing or e-commerce. Since Satori’s investment, the company has already hired a chief marketing officer who served as executive vice president of e-commerce and chief marketing officer for New York & Company, a prominent women’s clothing retailer, and held a marketing leadership position at Ann Taylor.
Since 2006, Koren Ray and David Brewer have led Hobo, which they co-founded with Koren’s mother, Toni Ray, in 1991. As chief visionary officer, Koren is responsible for brand strategy, product design and promotion, and merchandizing. She recently received the Iconoclast Award for her designs at the Independent Handbag Designer Awards. As CEO, David leads corporate strategy and oversees operations, including supply chain management and sourcing. Both are committed to superior product quality with an emphasis on authentic, timeless designs.
“We are thrilled with the capabilities that Satori and Firelight will bring to Hobo,” said Koren. “Their experience and knowledge in marketing and operations will help as we spread the word about our products and look to enhance the systems that will provide a world-class experience for our customers.”
Hobo’s decision to partner with Satori reflects its alignment with the firm’s values, such as serving all stakeholders. Hobo has long nurtured a supportive culture for its team members, and it is committed to producing goods that live up to its design philosophy: “Beauty, soul, and purpose.”
Visit hobobags.com to view Hobo’s products and learn more about the company.