Hotter Shoes owner Unbound Group raises fresh funding

Unbound Group has raised fresh capital to accelerate its growth strategy.

The group said Friday it has raised 3.3 million pounds in the placing and subscription of 20.8 million new shares.

The group has also launched an open offer of up to 6.7 million shares which would raise up to a further 1 million pounds.

Unbound Group, formerly called Electra Private Equity, repositioned itself earlier this year as an online-first multi-brand retail platform targeted at the 55+ demographic.

As part of the transformation, the group moved from the London Stock Exchange’s main market to its sub-market, AIM.

Last month, the company announced the first 14 partner brands to join its newly launched multi-brand platform, which included Rohan, Asquith of London, Birkenstock, Muck Boots, and Skechers.

In May, Unbound Group revealed that Hotter Shoes saw double-digit year-on-year revenue growth in the first quarter.

While it didn’t provide exact figures, it said the retailer “performed strongly” in the first quarter of the year as it improved its gross margin and saw its active customer base grow.