Founder and CEO Fokke de Jong of the Dutch fashion company Suitsupply has bought out a group of external investors in the company. De Jong sees a strong growth opportunity for his company and feels that it makes more sense for him and the management team to have full control of the company.
Fokke de Jong is the driving force behind the men´s suits of Suitsupply. On Tuesday he reported to Quote magazine that he bought back the 33 percent of the Suitsupply shares that were owned by Marcel Boekhoorn, Jeroen Schothorst and Ben Kolff. Together with his management team, de Jong now possesses 100 percent of the shares in Suitsupply. Both parties are not revealing any details of the deal.
De Jong does want to emphasize that Suitsupply´s revenue grew to €160 million in 2014.
“We are growing incredibly fast in Europe as well as in Asia and America. I see many more opportunities, so it makes sense to buy back when you can. Certainly if you put in 150 percent of your energy, then it is logical to own 100 percent of the company. The goal is now to expand Suitsupply further; with that in mind we have bought back the shares. I’m not working at all on an exit,” said de Jong to Quote.
Suitsupply accelerates in America
In June, de Jong told RetailWatching.nl that Suitsupply was expanding further in America. Over a quarter of its more than 60 shops are located there. Suitsupply is active in more than 16 countries. The Netherlands and the United States are home to the most stores, with other countries generally having one or two stores. Those include Belarus, Canada, China, Italy, Latvia, Lithuania, Mexico, Russia, Singapore, South Africa and Switzerland.
Like the management of fashion chains H&M and Zara, de Jong swears by a vertically integrated business model, he told Retailnews earlier. “We offer high quality suits that can be tailored while the customer waits, all at attractive price points.”
Originally published on Z24.nl on 14 October 2015