Superdry the struggling British fashion retailer known for its unique fusion of Japanese-inspired graphics, vintage Americana, and British streetwear announced that it has secured additional funding of up to £25 million ($32 million) from restructuring specialist Hilco Capital.
Superdry initially saw rapid growth and success in its business operations. However, like many retail businesses, it faced challenges in the evolving retail landscape and changing consumer preferences. There were periods when the company experienced fluctuations in its financial performance.
One of the brand’s early successes was its hooded sweatshirts, which became particularly popular and helped establish Superdry’s reputation. Over time, the company expanded its product range to include a wide variety of clothing items, including T-shirts, jackets, jeans, dresses, and accessories.
Superdry, whose shares have slumped 44 percent this year, raised £11 million in a share placing in May. The fashion retailer disclosed that the facility with Hilco is for a 12-month term with the option to extend and is at an interest rate of 10.5 percent plus the Bank of England base rate on the drawn element. The BoE key interest rate stands at 5.25 percent. This means that the company would pay interest of just under 16 percent.
Struggling UK Fashion retailer Superdry obtains fresh funding
