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Sportswear brand 2XU gets financial backing for expansion plans
16
Nov '11
Melbourne, Australia-based sportswear brand 2XU will get financial backing from Lazard, a corporate advisory firm, to fund its expansion drive.

The announcement came alongside the news that Lazard's private equity subdivision, Lazard Australia Private Equity, has finalized the quantum of first financial package of US$ 120 million for its Lazard Australia Corporate Opportunity Fund 2.

Queensland's largest superannuation fund, Sunsuper, would sponsor the fund to the tune of US$ 100 million, while the rest of the amount would be jointly financed by Lazard and the firm's management team.

Lazard aspires to build a corpus of US$ 400 million by calling upon other investors to procure a stake in the firm.

The sum so raised would be partially invested in 2XU, which utilizes latest fabrics and technology that help improve sports performance and recovery levels, and sells these products to leading athletes across 42 countries.

Over the past four years, sales of the firm established in Melbourne in 2005 have increased at a compounded rate of over 40 percent per annum.

2XU aspires to develop itself as a one billion USD firm by further expanding its reach to Europe, Asia and the US. As stated by 2XU's Founder and Executive Chairman Mr. Davenport, they produce best technical products at 2XU and all the products so produced have some traits that provides a real benefit to athletes.

Fibre2fashion News Desk - India

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