French shoe retailer Sarenza has received a large capital injection to continue its European expansion, with the goal to get a 500 million euro turnover within the next 5 years, more than triple its current turnover.
Lower France's share
Currently, Sarenza, launched in 2005 in France, manages a 150 million euro turnover with 4 million customers, but it hopes to push its sales to 500 million euro within the next 5 years. To achieve that goal, it has convinced 4 investors to pay 74 million euro for the expansion. "We have approached 150 funds, but many of them were not ready to follow us on an international path yet", CEO Stéphan Treppoz told French paper Le Figaro.
It will use the money to increase its exposure in several European countries, even though it is already present in 26 countries (like the Netherlands, Belgium, the United Kingdom and Italy). It also wants exposure in countries like Croatia and while it currently creates a third of its turnover in France, it hopes to lower France's share by gunning for 500 million euro in turnover through a European expansion, according to executive director Hélène Boulet-Supau.