MOVING MONEY: British accessories brand Aspinal of London has secured 9.75 million pounds, or $15 million, from Santander Corporate and Commercial to help bankroll the openings of stores and concessions and expand its staff.
The 13-year-old premium brand, known for its classic styles done in punchy primary colors and patterns, currently has eight wholly-owned stores, six concessions and three franchises worldwide, and plans to open additional units in the U.K. and internationally. E-commerce through its own Web site is Aspinal’s largest channel.
The company said revenues in the year to March 31 rose 13 percent, and the company is budgeting a further increase of 25 percent in the full 2015-16 fiscal year.
The brand did not specify where the new stores would be.
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“The management team have identified a strong opportunity for growth and we have been able to provide the funding and support to help Aspinal capitalize on its strong brand positioning,” said David French, relationship director at Santander Corporate and Commercial.