Dress Code Suitsupply is Investing for International Expansion

The Dutch veneer Suitsupply announced a $ 360 million investment in the current round of financing including NPM Capital and a syndicate of banks including ABN Amro, BNP Paribas, ING and Naked Zebra Coupon Rabobank. Suitsupply will use the money to repay the existing debt, to achieve further international expansion, investment in technology and transformation of some old.

Privately owned Suitsupply was founded in 2000 by current chief executive Fokke de Jong. In order to reduce the cost of clothing, Suitsupply adopted a vertically integrated strategy, starting from the online business, opened the first physical store in the same year and tried its best to reduce the rental cost by choosing the store's address away from the mainstream shopping area. David Dijkhuis, CFO of the company, said: "We are using the current favorable financing environment to help the company grow further."

Suitsupply positions its target customers with young men who purchase their first suit, using Italian-made fabrics for sewing in China for as little as $ 500, but with many of the features typically found only in more expensive premium suits The details of the design, such as functional button cuffs and so on. In addition to suits, Suitsupply also offers footwear and other accessories related accessories to help customers better their own dress.

Suitsupply has a total of 91 stores worldwide, after entering Dacoz North America in 2011, currently has 32 stores in the region. This year will open four new stores in Kansas City, Newport Beach and San Jose, California, and Bellevue, Washington. In the first half of 2018, Suitsupply will open stores in Williamsburg, New York, Boston, St. Louis, Detroit and San Diego. Suitsupply entered China in 2013, launched the official website, and successively opened four stores in Shanghai, Beijing, Hong Kong and Hangzhou.

Last month, Suitsupply opened the women's clothing chain Suistudio in Amsterdam, Shanghai and New York and Suistudio also launched its official website in Europe and the United States. A spokesman said a new round of financing will also be used to expand Suistudio into new markets.

According to historical reports, in 2015 Suitsupply's global sales reached 170 million euros, an annual growth rate of about 25%. Currently, Suitsupply more than 75% of sales from outside the Netherlands, 30% of sales still come from the online, this ratio compared to other brands in the suit industry is much higher. Most suit customers want to be able to get advice from a professional tailor before buying, and to meet this need, Suitsupply's professional tailor hires customers online via the internet.

With more than 60 years of experience in the industry, NPM Capital is committed to corporate acquisitions in the Benelux region (Netherlands, Belgium, Luxembourg), providing companies with the capital, expertise and experience to support the company in achieving its growth goals. Headquartered in Amsterdam, NPM Capital currently manages more than 25 companies in its portfolio.

#Dacoz