FitFlop aims for growth through more Aurelius funding
Wellness/footwear and apparel brand Fitflop has secured an extra five-year, $30 million revolving credit facility from Aurelius Finance Co (AFC) to support its long-term growth.
Aurelius’s backing continues after “playing a significant role in supporting the company… in challenging times… by providing flexible financing and establishing a bespoke facility tailored to its capital requirements,” said Karun Dhir, Managing Director of AFC.
The new facility extends its relationship with the footwear brand having previously lent $20 million to support the business’s working capital requirements and turnaround plan.
Despite the continuating headwinds, including the Covid pandemic, FitFlop’s trading performance “has improved significantly with the financing support provided by AFC”.
In the last 12 months, London-founded FitFlop, described as a “maverick wellness footwear company”, has entered a significant number of new wholesale partnerships across EMEAI and the US, taking its door count to over 5,700.
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”.
FitFlopCEO Gianni Georgiades said: “This funding… 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 added: “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 from Made where she had been 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.
Founded in 2007, the mass premium brand operates across the value chain from domestic and international distribution to the wholesale market, as well as servicing customers via its online store. Fitflop sells its products to 5,700 retail outlets across 60 countries, as well as its Asian retail network, selling over 65 million pairs to date.
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