Suitsupply attracts money to expand rapidly

Suitsupply has plans to update and expand its online and offline store network, both locally and abroad. The men’s fashion chain attracted 300 million euro from NPM Capital and four major banks to achieve that.

Expansion and innovation

Suitsupply, founded in 1999 as a web shop and with physical stores in its home nation (the Netherlands) and abroad since 2000, wants to invest more in its online sales and international store network. The Dutch fashion concern required financial aid and received it from investor NPM Capital and four banks (ABN Amro, BNP Paribas, ING and Rabobank).

Together, they will invest 300 million euro in the 91 stores the men’s fashion chain has in 73 cities across three continents. The new funds should help it continue its international expansion and to remodel its current Dutch stores. It will also invest in new technology to better align its offline and online sales. Part of the loan will go toward debt refinancing and its Suistudio subsidiary. This is a clothing collection for women, launched this year, with stores in Amsterdam, New York and Shanghai.

Suitsupply currently has a 300 million euro turnover and a 25 % annual growth pace.