FitFlop Secures $30 Million to Fund Long-Term Growth Plans
FitFlop said on Thursday that it secured a new five-year $30 million revolving credit facility from Aurelius Finance Company to support its long-term growth ambitions.
According to the footwear brand, the funding will go towards supporting an “increased investment” in branding, marketing and advertising.
Gianni Georgiades, CEO of FitFlop, said in a statement that this new funding with Aurelius “represents a tremendous show of confidence” in the growing strength and resilience of the brand. “It’s now time to put the money to work and accelerate our ambitious growth plans,” Georgiades said.
“FitFlop’s successful turnaround is a result of the management team’s strong leadership and resounding resilience in challenging times,” Karun Dhir, managing director of Aurelius Finance Company, said. “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.”
Dhir added that FitFlop’s strong financial performance justified a funding solution with a lower cost of capital, which Aurelius was able to provide via its secured funding line with Wells Fargo.
“This new facility has been designed to provide the company with the means to target further growth as the FitFlop management team seeks to capitalize on the opportunity their strategic transformation has opened,” Dhir said.
Founded by Marcia Kilgore in 2007, FitFlop is known for its ergonomic design and contemporary styling and offers sandals, sneakers, shoes, boots, plus select apparel items.
The brand has also been featured in Tokyo Fashion week and has continued to extend its fleet of own retail stores, with an aggressive rollout in India with its partner Metro Brands, and a New York store set to open in mid-April.
In the last 12 months, FitFlop said it has entered a “significant number” of new wholesale partnerships across Europe, the Middle East, Africa, and India (EMEAI) and the U.S., taking its door count to over 5,700 across 60 countries, as well as its Asian retail network.