High end footwear business Georgina Goodman will expand its wholesale and retail offer and bolster its management team after securing a £4m investment.
The London-based company told Drapers that the investment from private equity vehicle Core Capital for a minority stake in the business would enable the footwear business to increase its brand awareness and broaden its collections.
The business, which has stores in London’s Old Bond Street and Shepherd Street in Mayfair as well as three UK accounts and is stocked in nearly 70 luxury retailers worldwide, will seek further retail locations and wholesale accounts going forwards. It is also set to launch concession partnerships with major department stores.
Georgina Goodman has appointed former Agent Provocateur chief finance officer Kiren Shah to the same role and is seeking a commercial director as well as a communications director.
Georgina Goodman said: “Securing a strong financial partner at this stage of our development means that we can expand our collection, provide our wholesale clients with additional support, opportunistically grow our own retail business and build on our brand. We now look forward to owning a greater share of the market and to seeing our shoes on the feet of sassy women everywhere”.
BJ Cunningham, Georgina Goodman director and Goodman’s husband, said: “We are looking to give Core back three to five times their money over the five year period.”
Georgina Goodman was established in 2002 and in the year to October 31 2008, notched up a turnover of £2.5m on EDITDA of £125,000.