SuitSupply is back in black, after two years of Covid losses. The suit retailer did, however, restock on a hefty amount of capital from its founder.
Nearly half a billion
SuitSupply is emerging from the Covid crisis, or so its annual figures for 2022 show. After two years of hardship, the suits brand plans to reopen new shops and revamp existing ones. Founder and top executive Fokke de Jong also wants to cut costs. Thus, the expansion should happen without additional staff: SuitSupply is sticking to its current headcount of around 1550 employees. Inevitably, this does mean in practice that jobs will disappear in some positions.
To finance the growth, and to fill the gap left by the coronavirus, De Jong himself pumped another 35 million euros into the company. During the pandemic, fellow shareholder NPM Capital already poured in 10 million euros, while the company received a coronavirus loan of 40 million euros in 2020. The latter amount must be paid off by December 2025 at the latest.
With social life picking up, SuitSupply is earning its keep again. In 2022, the originally Dutch company posted a turnover of just under half a billion euros. A year earlier, turnover was barely 320 million euros, but back then hardly any people went to the office and there were almost no special occasions such as weddings or receptions. The company also ended 2022 with a net profit of 8.1 million euros.