To support the company's further European expansion, Ace & Tate raised over 14 million euros. The money will be used to open sixteen new stores.
Continuing rapid growth
The new investment of 14.25 million euros, a convertible bond, comes largely from the existing shareholder Rinkelberg Capital. In the seven years of the Dutch eyewear brand’s existence, investors have already pumped 57.5 million euros into the company.
The new capital should enable the further growth of the eyewear company, both offline and online. This year Ace & Tate plans to open 16 new branches in Europe, bringing the total to 70. Over the past two years, the company has grown by 60% each year. In the next two years, it wants to double its turnover again, because although the corona crisis was "annoying", it was not at the root of this capital round, founder Mark de Lange assures.
Regardless of where it is paid for
In addition to new stores, the brand wants to work on the better integration of offline and online. Ace & Tate, in cooperation with the start-up Easee, now offers online eye measurements. Customers can also compile an 'offline wishlist' in the stores. The glasses can later be fitted virtually at home, after which the customer can make a final choice and pay.
"The important thing is that a customer is happy and takes their friends with them. Then the channel doesn't matter", says de Lange to Sprout. "One customer wants to browse at home and buy offline, the other wants to browse offline and buy online. There are all kinds of different situations imaginable. I find that much more interesting than exactly where the debit card goes through the device".
Finally, part of the fresh capital will also be invested in sustainability. Already this summer, Ace & Tate will take two initiatives to stimulate the reuse of materials. Under the name 'Reframe', customers will be able to exchange their old frames for vouchers.
The old frames will then be refurbished and offered to customers in limited collections. Furthermore, the chain will use less and less new plastic for new frames and will focus more on recycled raw materials.