Bar Refaeli's e-commerce lingerie co Undeez raises $1m

Undeez will initially design and sell lingerie and T-shirts when its comes online in early November.

Bar Refaeli and Dudu Balsar have set up Undeez, a line of designer underwear for men and women. Undeez will apply a sophisticated e-commerce model, which was developed over many months. Balsar, an attorney and former model, came up with the idea for the venture, and Refaeli will be responsible for marketing and business development.

Undeez has attracted considerable attention from Israeli investors. Sources inform ''Globes'' that it is finalizing its first financing round, mostly from private and angel investors. To date, Undeez has raised $1 million from angel investor Yuval Tal, former 888 Holding plc (LSE:888) CEO Gigi Levy, and fashion company Fox-Weizel Ltd. (TASE: FOX) controlling shareholder Yiftach Weizel.

Undeez will initially design and sell lingerie and T-shirts when it comes online in early November. The items are defined as basic designs suitable for everyone, not lace or fancy lingerie. The company wants to first develop a base of customers who will buy products on the basis of a monthly subscription.

Refaeli and Balsar want to exploit the fact that her global exposure is at its height in order to sell products, but more than that is the hard work that went into build a smart and state-of-the-art website that will meet customers' needs and create a profitable company. Undeez is working with a group of designers for its first collection and the choice of fabrics.

In an interview with "Elle", Refaeli said, "I’m opening an online company called Undeez. The website, undeez.com, launches in November and on it you’ll be able to buy clothes - underwear, socks, and t-shirts for men and women - in very soft, basic fabrics. I started the site with a friend because when I like a pair of underwear, I’ll get 30 pairs of it in the same color. But I don’t have time to go buy underwear all the time. And I had boyfriends who were the same way - they never had time to go buy socks and underwear, that’s for sure! - so this website is great because after subscribing, you get these necessities sent directly to you each month."

Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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