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TOM TAILOR protected via additional long-term financing

10
Jun '20
Pic: TOM TAILOR
Pic: TOM TAILOR
Tom Tailor GmbH recently announced that an additional €100 million revolving credit facility for itself will safeguard the further development of its TOM TAILOR fashion brand. The financing is laid out until September 30, 2024, and has been secured with a guarantee by the German government, the city of Hamburg and the state of North Rhine-Westphalia.

It will be furnished by the existing consortium of banks. In addition, the existing financing for TOM TAILOR will be extended until September 2024.

This will enable TOM TAILOR to actively develop its business with its approximately 3,400 employees and further strengthen its long-standing trading partner and supplier relations, according to a company statement.

“TOM TAILOR as a fashion brand and Tom Tailor GmbH are ready for a kick-start, and we intend to make good use of this opportunity,” said group managing director and chief executive officer Gernot Lenz.

The brand attractiveness will be enhanced by targeted investments into product quality, especially accelerating sustainability activities. By adopting an integrated customer-centric approach and targeted Marketing- and customer relationship management activities, the customer lifetime value will be further increased.

Pushing growth in the online business will be another focal point in the future. Furthermore, an international expansion outside the core markets is planned. The successful growth trajectory is to be continued in Southeastern Europe in particular.

An extensive efficiency programme will be implemented in the coming months in response to the effects the COVID-19 pandemic on revenue and earnings in the current fiscal and in 2021.

Fibre2Fashion News Desk (DS)


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