Suitsupply receives growth capital

Dutch investment company NPM Capital and menswear brand Suitsupply have reached an agreement on an investment intended to further accelerate international expansion and online sales, NPM Capital announced on Friday.

According to Dutch newspaper De Telegraaf Suitsupply received a total investment of a €300 million loan, funded by NPM Capital; Dutch banks ING, ABN Amro and Rabobank; and French banking group BNP Paribas.

Suitsupply's growth plan will focus on the opening of new branches across the globe and renewing part of its current Dutch store portfolio. In addition, Suitsupply wants to expand its leading position in online sales by further investing in technology and thus strengthening the relationship between sales from physical stores and the online segment. Another investment focus is the recently launched women’s line Suistudio, which, in addition to a web store, now has stores in Amsterdam, New York and Shanghai.

Bart Coopmans, managing director at NPM Capital said: “In our opinion, Suitsupply is one of the pearls of Dutch entrepreneurship. With its unique business model and disruptive approach, the company has realized an enormous expansion from the start. The model has been proven [profitable] in different geographies and enormously scalable. Partly due to the strong position in the chain, the omni-channel propositions and the focus on the US and Asia, we see many opportunities. We are delighted to be able to provide the necessary growth capital and believe that our profile fits well with a company such as Suitsupply.”

Fokke de Jong, the company’s current CEO, founded Suitsupply in 1999. De Jong started Suitsupply as a web store, while still in college, and opened the first physical store in 2000. Suitsupply is now active with 91 stores in 73 cities on three continents. More than 75% of the turnover is generated outside the Netherlands and almost 30% of the sales are made online.

Suitsupply receives growth capital

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