Menswear fashion retailer Blue Inc has raised 4 million pounds in funding, which it aims to use to expand its market share online and push the growth of its international business as well as the wholesale development of its Twisted Soul brand.
The retailer received backing from the Unicorn Venture Capital Trust, which raise the majority of the funding, with the remaining raised from its existing shareholders. The funding will be used to expand the business, as the retailer reconsiders an initial public offering, after calling off its plans for a float this June.
“There are no immediate plans for an IPO but it will be considered in 2016,” said Steven Cohen, chief executive at Blue Inc to Retail Week. “We are a debt free business and we are not planning for it to happen before 2016, but we will certainly be considering it then subject to market conditions.”
The move comes after the menswear retailer revealed plans to place shares privately with new investors in lieu of an IPO. In order to aid the expansion of its online business, Blue Inc aims to launch a new online marketing campaign early next year and invest in streamlining its back end systems behind its websites.
Blue Inc also aims to continue expanding the label's brick and mortar presence, both in the UK and overseas, with focus on developing its franchise business in Eastern Europe. At the moment the menswear retailer currently operates fascias in Estonia, Latvia and Lithuania, as well as to stores in Malaysia.