Russell Wilson and Ciara’s fashion startup The House of LR&C gets cash infusion
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The House of LR&C, a Seattle-based fashion startup founded by NFL quarterback Russell Wilson and singer Ciara, plans to raise between $20 million and $50 million this spring for its series A funding.
The range of that fundraising total gives it a rough valuation of between three and five times the company’s revenue, its CEO Christine Day tells Axios.
The company also just closed an oversubscribed convertible note, she said.
Why it matters: The Series A funding range offers the first peek at specific valuation figures for the company, which the husband and wife combo plan to build into a $1 billion business.
Day, Lululemon’s former CEO, said LR&C will be certified as a B Corporation. It currently donates 3 percent of its net revenue to charity.
Details: The convertible note was led by Harlem Capital, which invests only in minority- and women-founded startups, and includes Fanatics investor Ames Watson Capital, Lightspeed Venture Partners, Darco Capital, and More than Capital (MTC).
By the numbers: The House of LR&C grew revenue by roughly 70% over the past year from seven figures to eight figures, according to Day.
The startup has both strong digital sales and a strong wholesale business. Wholesale partners such as Nordstrom are profitable channels for The House of LR&C and provide valuable marketing or brand exposure to a new set of customers, Day said.
Of note: Whereas retail banners used to open up to 2,000 stores in the U.S., they can now get the job done with 200 locations in the top markets, Day added.
What’s next: By spring, The House of LR&C will have audited results for 2021 and as orders roll in for fall, have a good idea of what its growth will look like for 2022.
What they’re saying: “Ultimately, this is a rock star management team,” said Henri Pierre-Jacques, managing partner at Harlem, on why his firm invested.
The bottom line: Who needs the NFL playoffs when you’re building your own sustainable apparel empire?
Colin Cowherd: Giants should trade it all for Russell Wilson
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For quite some time now, the New York Giants have been connected to Seattle Seahawks quarterback Russell Wilson via trade rumor.
Now, with the current state of the Giants, it’s not outside the realm of possibility that the new general manager, whoever it may be, will come in and make a big splash via trade.
After the Giants hire their next GM and new head coach, the next step will be to determine if they are moving forward with Daniel Jones or exploring other options.
With the lack of promising quarterback prospects in the upcoming draft, Big Blue would likely try to address the position via trade if they choose to address it this year. And FOX Sports’ Colin Cowherd thinks the team should go all in on Russell Wilson.
“If you’re the Giants, what would you give up for Russell Wilson? I, as the general manager, would give you every first-round pick until he’s not a Giant,” Cowherd said. “Because by the way, if I’m keeping him for nine years, he’s winning a lot of games. He’s filling my stadium, he’s selling my merchandise, he puts me on television. Right now, the Giants are so bad everywhere except left tackle, one defensive tackle, a decent cornerback, a solid rookie wide receiver. They’re so bad everywhere, I would do it.”
Whether or not the farfetched trade proposal would include both first-round picks this year is somewhat irrelevant as this would be the richest trade for a quarterback in NFL history — a type of trade is more likely to happen in a fantasy football league than in the NFL.
Given the fact that the general manager, head coach and quarterback are all crucial parts of getting the organization back on track and the odds of hitting on all three at the same time would be unlikely, Wilson would provide the team with as solid of a building block as you could get at the quarterback position.
No matter how you slice the potential trade proposal, it’s crazy to think that the Seahawks’ demands would be so high and even crazier to think the Giants would do it with their current roster and salary cap situation. As tempting as that trade may be, building through the draft might be the best way to turn things around and giving up every first-round pick as long as Wilson is on the team negates that strategy.
NFL insider weighs in on potential Steelers-Russell Wilson trade
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GLENDALE, ARIZONA - JANUARY 09: Russell Wilson #3 of the Seattle Seahawks prepares for a game against the Arizona Cardinals at State Farm Stadium on January 09, 2022 in Glendale, Arizona. (Photo by Norm Hall/Getty Images)
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With the Russell Wilson trade rumors already flying, could a move to Pittsburgh be on the way for him?
The 2021 campaign hasn’t even come to a close yet and already we’re seeing plenty of noise regarding Russell Wilson and his not-so-clear future with the Seattle Seahawks. After all the drama last offseason, it looks like the NFC West team is in for another rough stretch of months.
With Ian Rapoport reporting that Wilson is going to explore all of his options, could it lead to Seattle trading him? One team that would make sense would definitely be the Pittsburgh Steelers, with it looking like Ben Roethlisberger will officially announce his retirement soon.
So, how about a move to Heinz Field for Wilson?
Ian Rapoport doesn’t believe a Russell Wilson to Pittsburgh trade will go down
While the thought of Wilson running the offense for Mike Tomlin excites Steelers fans, don’t get too hyped up. Per Rapoport’s sources, a Pittsburgh trade for Wilson doesn’t seem likely, as the organization prefers to draft and then develop young signal-callers.
The organization has thrived by drafting and developing, and selling the future for a veteran QB is not likely in the playbook. While acknowledging that anything is possible, those who know Colbert well describe it as highly unlikely.
Wilson is 33 and he’ll be turning 34 next November. While he’s still got some good years left in him, it’d make sense for Pittsburgh to try and draft someone else who could potentially be the face of the franchise for the long haul.
We saw that with Roethlisberger, as he’s been able to win two Super Bowls with the team during his incredible playing days in the Steel City. Unless a miracle goes down on Sunday against the Chiefs, it’s looking like the Wild Card Round showdown in Kansas City will be his last hurrah.
After that, the Pittsburgh front office will look to find his replacement. Again, Steelers fans would love for that guy to be Wilson, but it’s unlikely to do down.
Colts Should Seriously Pursue Trade for Aaron Rodgers or Russell Wilson—If Option Realistically Presents Itself
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If either future Hall of Fame quarterback becomes realistically available this offseason, the Indianapolis Colts should do everything in their power to land either the Green Bay Packers Aaron Rodgers or Seattle Seahawks Russell Wilson—and go ‘all in’ for 2022 and immediately beyond.
At a quarterback crossroads with incumbent starter Carson Wentz (and potentially faced with their 5th new starter in as many seasons), none of the Colts’ top brass: team owner Jim Irsay, general manager Chris Ballard, and head coach Frank Reich have exactly given him a vote of confidence during this early offseason—as the team actively vets through any and all potentially available upgrades.
Ballard has already stated this early offseason that he doesn’t want another stopgap, but a long-term answer at the game’s most important position:
Ballard doesn’t think Wentz’s cap situation for 2022 will have a big impact on their decision.
On QB:
“I’d like to quit band-aiding it. I’d like for Carson to be the long-term answer or for somebody to be here for the next 10 years.” — Kevin Bowen (@KBowen1070) January 13, 2022
None potentially available would be bigger than either Rodgers (even if it’s four or five seasons) or Wilson, who would instantly catapult the Colts into AFC contention again—especially if the franchise could add another dynamic playmaker at either tight end or wide receiver this offseason to pair with 1,000 yard receiver Michael Pittman Jr. (i.e., a top free agent wideout like Chris Godwin, Allen Robinson, or Michael Gallup could all be ideal fits).
The erratic play of Wentz has appeared to be too much for the Colts to trust him anymore going forward. While he had a solid stretch during the middle of the season, the bottom completely fell out on him to close out the season—and significantly contributed to the team’s late year embarrassing collapse.
When Indianapolis needed him the most to elevate his play or that of his teammates, Wentz proved incapable of making routine throws and was turnover prone during critical moments of games.
There’s no such questions regarding Rodgers—at least on the field (who’s faced national controversy regarding his recent position on COVID-19 vaccinations).
At 38 years old, the frontrunner for the 2021 NFL MVP Award has completed 366 of 531 throws (68.9%) for 4,115 passing yards, 37 touchdowns, and 4 interceptions during 16 starts.
He’s a Super Bowl XLV Champion, Super Bowl MVP (XLV), 3x NFL MVP, 4x NFL First-Team All-Pro, 1x NFL Second-Team All-Pro, 10x NFL Pro Bowler, and member of the NFL 2010s All-Decade Team among his other numerous career accolades.
Having had building frustration with the Packers front office, Rodgers has one year left on his current contract with a cap hit of $46.1M in 2022—as the initial final year of his contract in 2023 was voided following a contentious contract restructuring last offseason.
It’s possible the Packers could look to trade him and recoup otherwise lost value—especially with former 2020 first round pick Jordan Love waiting in the wings and with Rodgers entering a walk year. (It’s also possible former Colts punting great Pat McAfee could put in a good word to Rodgers, a regular on The Pat McAfee Show, about joining Indy).
Meanwhile, even though he’s coming off of a bit of a down season for his usually high standards (having battled through a broken finger), there’s no question that Wilson would be a significant upgrade to Wentz in any capacity.
During the 2021 campaign, the 33 year old completed 259 of 400 throws (64.8%) for 3,113 passing yards, 25 touchdowns, and 6 interceptions in 14 starts.
Wilson’s a Super Bowl XLVIII Champion, Walter Payton Man of the Year Award recipient, 1x NFL 2nd-Team All-Pro, and 8x NFL Pro Bowler on his impressive Canton-bound resume.
He’s due a $26M cap hit in 2022, and with two years left on his current contract, Wilson has already expressed interest in eventually moving on from Seattle—as there looks like there could finally be a nucleus breakup between ownership, head coach Pete Carroll, and their superstar quarterback after many years of success.
Both elite quarterbacks can make the big-time throws during the course of a game, but also are willing to take what the defensive gives them when necessary—throwing to underneath routes or checking down to still get productive yardage to help move the sticks and sustain lengthy scoring drives. Both have proven they can rise up in critical in-game moments—even on the game’s biggest stages, while taking care of the football.
It also helps that either all-time great is mobile, which allows Reich to continue to run his ideal offense featuring quarterback play-action, RPOs, and bootlegs to complement superstar running back Jonathan Taylor and the oftentimes, dominant Indy ground game.
Speaking of Taylor, as a bona fide NFL MVP candidate, he’s the Colts best player, and it’s time Indianapolis starts adjusting any contending Super Bowl window around him. While he takes incredible care of his body, there’s also a lot of mileage on those tires already and the shelf-life of NFL running backs isn’t ordinarily long.
He realistically has a handful of peak seasons still ahead, and it’s time to take full advantage of them. That means putting all the chips in for a Rodgers or Wilson for an immediate sizable upgrade for 2022 and going forward—for at least the next handful of seasons.
Despite needs at several key positions, this team isn’t that far off, and if the Colts can significantly upgrade at quarterback—just as Peyton Manning and Andrew Luck once showed in franchise history, that can clearly mask deficiencies at other key positions.
However, is all of this even realistically possible?
While the Colts are already down their 2022 first round pick from the Carson Wentz trade, the Los Angeles Rams have proven in recent history that anything is possible—even with depleted draft picks regarding their trades for both Jalen Ramsey and Matthew Stafford.
(It’s also worth noting that if Ballard is as good at scouting as he’s been regarded league-wide, he should still be able to find and add value outside the first round of the NFL Draft.)
Entering the 2022 offseason, the Colts also have $42.075M of total available team cap space without even touching Carson Wentz’s contract, who’s due a $28.3M cap hit for the 2022 season. If the Colts release Wentz before March 19th (when an additional $7M of his 2022 contract becomes guaranteed), they can save a total of $13.3M on his 2022 contract (while undertaking a dead cap hit of $15M). [There’s also a remote chance the Colts could look to trade Wentz all together, potentially saving even more team cap space].
Not exactly ideal, but not necessarily a game-breaker either—by any means, for the Colts still making a splash acquisition at starting quarterback this offseason.
Irsay is clearly frustrated right now, and if Indianapolis cannot finally solve their lingering questions at starting quarterback, this team will be stuck in the mud for the foreseeable future—despite a solidly constructed, well-rounded roster otherwise (even acknowledging holes at several important positions).
Ask any Colts fan, and I’m willing to venture that they’d rather take 3 to 4 seasons of serious Super Bowl contention, and then 3 to 4 seasons of an ensuing rebuild, than suffer through 6-8 years collectively of barely making or missing the playoffs—and never actually truly contending for a Lombardi Trophy push. After all, this franchise has one playoff win in the last 5 seasons.
Quite frankly, it’s time to go all in with a Rodgers or Wilson—if the option actually realistically presents itself.
No questions asked.
Report: Russell Wilson not totally committed to Seahawks
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Russell Wilson has said publicly that he is hoping to remain with the Seattle Seahawks this offseason, but it sounds like he is far less certain about his future than he has let on.
Wilson wants to explore potential trade options and see if another team could give him a better opportunity to win, Ian Rapoport of NFL Media reports. While the quarterback has not demanded a trade, he is open to one if he feels it would help him win another Super Bowl.
Wilson, who has a full no-trade clause, was openly unhappy with the state of the Seahawks last offseason. His agent even went public with a list of teams for which Wilson would be willing to play. The Seahawks appeared to address some of his concerns, but they then struggled through a 7-10 season. It was the first time since they drafted Wilson in 2012 that the Seahawks have finished below .500.
If Wilson wants to remain in Seattle, the Seahawks are unlikely to trade him. But if he flirts with the idea of a trade again, they might not be able to do enough to convince him to stick around.