Venture capitalist firm Key Capital Partners (KCP) has invested £3.6 million in a 35% stake in streetwear brand Fly53.
Fly53 will use the £3.6m cash injection to roll out a series of concessions and standalone stores in the UK as well as to grow its wholesale business by expanding its product offer
The cash will also be used for increased marketing and to develop an ecommerce site for Fly53.
Fly53 founder Will Rigg will remain at the business as creative director.
Simon Smith and John Bailey will join the business as managing director and finance director respectively. They have taken an equity stake in the brand.
Smith and Bailey both formally worked at World Design and Trade [WDT] as Fullcircle managing director and group finance director respectively.
Harvey Jacobson, owner of footwear supply group The Jacobson Group, who also has a stake in Fly53, has retained his investment in the brand.
Having gained significant brand traction over recent years, Fly53 is predicting 40% growth in revenue for 2009, thanks largely to its plans to increase online sales through its own website and via other channels.”
KCP partner Mike Fell
KCP partner Mike Fell said: “Despite the economic downturn and the resulting impact on discretionary
spending, men’s fashion continues to experience strong growth, particularly in the area of branded street
wear. Having gained significant brand traction over recent years, Fly53 is predicting 40% growth in
revenue for 2009, thanks largely to its plans to increase online sales through its own website and via other
Harvey Jacobson added: “I am delighted to retain a shareholding in Fly53. The introduction of new investing management and the involvement of Key Capital Partners will now enable the brand to expand and realise its full potential.”
Fly53 is sold in independent retailers and department store and multiple retailers including Leeds based Ark, House of Fraser and Scotts.