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Georgina Goodman expansion assured

Georgina Goodman has pushed the button on the expansion of its wholesale and retail operations after the luxury footwear business secured £4m from new backers.

The London-based company received the investment from private equity house Core Capital in return for an undisclosed stake.

Georgina Goodman director BJ Cunningham told Drapers the investment would also attract a new high-calibre management team.

The business has hired former Agent Provocateur finance director Kiren Shah to the same role and is scouting for a commercial director and a communications director.

The investment will also be used to broaden the lower-priced end of the range. Wholesale prices at the brand range from £78 to £356.

The business has two company- owned stores in London, three UK wholesale accounts and a transactional website. It is also stocked in about 70 luxury retailers worldwide. Cunningham added that the business wants to open concessions in major department stores in the UK and worldwide.

Georgina Goodman said: “We now look forward to owning a greater share of the market.”

Cunningham, who is also Goodman’s husband, added: “We are looking to give Core back three to five times its money over the five-year period.”

In the year to October 31, 2008, Georgina Goodman posted turnover of £2.5m on EBITDA of £125,000.

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