Suitsupply is in the final stages of talks about an additional 130 million euro cash injection, money the Dutch men's fashion brand requires to expand in Asia, North America and its online operations in Europe.
200 million euro turnover in 2016
Founded in 2000 and with nearly 70 stores in 15 countries (5 of those in Belgium), Suitsupply has major plans to expand, according to an interview in the Dutch business paper FD with CEO and founder Fokke de Jong. The men's fashion brand recently opened flagship stores in Singapore and Shanghai and will open two more in Seoul and Beijing soon. It will also open new stores in the United States and Canada soon.
Expansion costs a lot of money and that is why Suitsupply wants to attract an additional 130 million euro, partly to invest into its web shop. The CEO says its online activities are profitable already and represent about 30 % of the company's total turnover - some 170 million euro for 2015. For 2016, de Jong feels the company will reach a turnover surpassing 200 million euro.
One of the possible investors is ABN Amro Participaties Fund, willing to invest 25 million euro, while the remaining 105 million euro will come from a so-called "unitranche" loan, which is a single contract with multiple parties. It is still unclear which parties would be involved.