Fly53 plans to open standalone stores and concessions and grow its international wholesale business after venture capital firm Key Capital Partners (KCP) invested £3.6 million to buy a 35% stake in the streetwear brand.
Fly53 will open four concessions in House of Fraser department stores this year and is developing a shop-in-shop concept for its key wholesale accounts including selected independents.
The brand said it would look to open stores when the UK market picked up but in the meantime would focus on growing its wholesale business domestically and overseas in Germany, Italy and Spain. It is forecasting a 40% uplift in sales in 2009.
The brand will also broaden its product offer by expanding its menswear range and building on its accessories offer, which launches for autumn 09.
Fly53 founder Will Rigg will remain at the business as creative director. Simon Smith and John Bailey have joined as managing director and finance director respectively and taken a stake in the company. They previously worked at fashion group World Design and Trade [WDT] as managing director of its Fullcircle brand and group finance director respectively.
KCP partner Mike Fell added: “We invested in the business because it had been growing very quickly and Will Rigg is someone we rate highly.”