By  on November 27, 2017

Suitsupply has secured some financing to spur its expansion.On Monday, the Amsterdam-based company said it has raised $360 million in capital from NPM Capital as well as a consortium of banks including ABN Amro, BNP Paribas, ING and Rabobank.Suitsupply will use the funds to refinance its existing debt as well as for further international expansion, investments in technology and retrofitting some of its older stores.“We are using the current competitive financing climate to optimally position the company for further growth at attractive conditions,” said chief financial officer David Dijkhuis.Suitsupply operates a total of 91 stores around the world, including 32 in North America, a market it entered in 2011.In the U.S., the company will open four more stores this year in Kansas City, Newport Beach and San Jose, Calif., and Bellevue, Wash. In 2018, Suitsupply will add units in Williamsburg, N.Y., Boston, St. Louis, Detroit and San Diego in the first six months.Last month it launched a women’s chain called Suistudio with stores in Amsterdam and Shanghai as well as two in New York. The funds will also be used to expand that concept into new markets, a spokesman said.The privately held Suitsupply was founded by Fokke de Jong who still serves as its chief executive officer. It started as online only and opened its first brick-and-mortar store in 2000.More than 75 percent of its sales today come from outside the Netherlands and 30 percent are still generated online.

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