FitFlop<\/a> has secured a new five year $30m revolving credit facility from independent lender AURELIUS Finance Company (AFC) to support its long-term growth ambitions.<\/strong><\/p>\nThe proceeds of the new flexible funding solution will support an increased investment in branding, marketing, and advertising, \u201cdriving the company\u2019s transformative growth strategy\u201d.<\/p>\n
The new facility extends AFC\u2019s relationship with the footwear brand having previously lent $20m to support the business\u2019 working capital requirements and turnaround plan.<\/p>\n
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\u2019s trading performance has improved significantly with the financing support provided by AFC.<\/p>\n
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.<\/p>\n
The brand has also been featured in Tokyo Fashion week and has continued to increase its retail store presence, with \u201can aggressive rollout in India\u201d with its partner Metro Brands, and a New York store set to open in mid-April.<\/p>\n
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.<\/p>\n
Gianni Georgiades, Chief Executive Officer at FitFlop, said: \u201cThis funding with AURELIUS represents a tremendous show of confidence in the growing strength and resilience of our progressive brand. It\u2019s now time to put the money to work and accelerate our ambitious growth plans.\u201d<\/p>\n
Karun Dhir, Managing Director of AURELIUS Finance Company, commented: \u201cFitFlop\u2019s successful turnaround is a result of the management team\u2019s strong leadership and resounding resilience in challenging times.<\/p>\n
\u201cAFC 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.<\/p>\n
\u201cAFC is relationship-driven, and we pride ourselves in taking the time to understand our client\u2019s 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.\u2019\u2019<\/p>\n
FitFlop<\/p><\/div>\n
In December, FitFlop appointed Jude Whyte as Creative Director and Phil Borthwick as Chief Marketing Officer \u201cto drive global expansion\u201d. 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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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FitFlop secures new $30m funding to accelerate growth - TheIndustry.fashion<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n