FitFlop secures new $30m funding to accelerate growth
London-based wellness footwear brand FitFlop has secured a new five year $30m revolving credit facility from independent lender AURELIUS Finance Company (AFC) to support its long-term growth ambitions.
The proceeds of the new flexible funding solution will support an increased investment in branding, marketing, and advertising, “driving the company’s transformative growth strategy”.
The new facility extends AFC’s relationship with the footwear brand having previously lent $20m to support the business’ working capital requirements and turnaround plan.
At the time FitFlop first sought financing, the company faced a number of challenges shared by many businesses following a series of setbacks including the COVID-19 pandemic, supply chain issues, and inflationary pressures. Despite the continuation of such headwinds, FitFlop’s trading performance has improved significantly with the financing support provided by AFC.
In the last 12 months, FitFlop, which was founded in London in 2007, has entered a significant number of new wholesale partnerships across EMEAI and the US, taking its door count to over 5,700.
The brand has also been featured in Tokyo Fashion week and has continued to increase its retail store presence, with “an aggressive rollout in India” with its partner Metro Brands, and a New York store set to open in mid-April.
The funding marks another step forward for the brand as it continues to deliver a unique footwear offering utilising its deep understanding of biomechanical technology, ergonomic design and all-day comfort combined with contemporary styling.
Gianni Georgiades, Chief Executive Officer at FitFlop, said: “This funding with AURELIUS represents a tremendous show of confidence in the growing strength and resilience of our progressive brand. It’s now time to put the money to work and accelerate our ambitious growth plans.”
Karun Dhir, Managing Director of AURELIUS Finance Company, commented: “FitFlop’s successful turnaround is a result of the management team’s strong leadership and resounding resilience in challenging times.
“AFC was pleased to have played a significant role in supporting the company throughout this period by providing flexible financing and establishing a bespoke facility tailored to its capital requirements.
“AFC is relationship-driven, and we pride ourselves in taking the time to understand our client’s needs and supporting them to achieve their objectives. This new facility has been designed to provide the company with the means to target further growth as the FitFlop management team seeks to capitalise on the opportunity their strategic transformation has opened.’’
In December, FitFlop appointed Jude Whyte as Creative Director and Phil Borthwick as Chief Marketing Officer “to drive global expansion”. Whyte joined FitFlop from MADE where she was Brand Creative Director. Borthwick had previously worked with a variety of global consumer brands, including Dr. Martens, Vivobarefoot and the heritage portfolio of brands within Wolverine Worldwide.
AURELIUS Finance Company, which was founded in 2017 and is headquartered in London, is an independent direct lender focused on providing financial solutions to mid-market companies across the UK, Ireland, and Europe.