Footwear brand FitFlop has secured a new five-year 30 million US dollar revolving credit facility from independent lender Aurelius Finance Company (AFC) to support its long-term growth ambitions.
In a statement, the London-based wellness footwear brand said the new flexible funding would support increased investment in its branding, marketing and advertising to drive its “transformative growth strategy”.
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.”
In the last 12 months, FitFlop has entered a significant number of new wholesale partnerships across EMEAI and the US, taking its door count to over 5,700. It has also continued to increase its retail store presence, with “an aggressive rollout” in India with its partner Metro Brands and has a New York store set to open in mid-April.
Other highlights included the brand being featured during Tokyo Fashion Week with Japanese women’s ready-to-wear brand Pillings models wearing FitFlop ‘Shuv’ leather clogs. The footwear brand also released a collaborative collection with London-based multidisciplinary artist and rising design star Yinka Ilori.
FitFlop secures 30 million US dollars in flexible funding from AFC
FitFlop adds that the funding marks another step forward for the brand as it continues to deliver a unique footwear offering that leverages its deep understanding of biomechanical technology, ergonomic design and all-day comfort combined with contemporary styling.
Karun Dhir, managing director of Aurelius Finance Company, added: “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.”
This investment follows the appointments in December 2022, when Jude Whyte was named creative director and Phil Borthwick joined as chief marketing officer “to drive the brand’s global expansion”.
Whyte, who joined the footwear brand from Made where she was brand creative director, heads up FipFlop’s creative studio. While Borthwick has been tasked with expanding FitFlop’s current omnichannel strategy and driving brand awareness across key strategic international markets.