British distributor Intimates Lingerie has announced that it is planning ‘aggressive’ growth, having obtained a six-figured invoice discounting finance facility from Lloyds TSB.
The Kent-based distributor for Spanx and DKNY underwear intends to use the money to purchase additional stock, due to an increasing demand for its shape wear pieces.
Co-founder Sarah Charlesworth told Insider: "When you’re growing as fast as we are, cash flow can be an important issue. Sales of all our brands are increasing and after steady growth over the past couple of years we’re now planning more aggressive growth."
The new Spanx swimwear range and the recent addition of men’s underwear within the brand has forced Intimates Lingerie to invest more in stock.
“Orders for the Spanx menswear are coming in faster than we can ship them,” Charlesworth said. “The brand has so much more potential and the finance from Lloyds TSB Commercial Finance will also help us explore new activities like exciting product launches and shops-within-shops. Without it, we couldn’t have grown quite as fast as we are.”
The company has predicted that its 2010 turnover will be be 15 to 20 per cent up on 2009, with the period leading up to Christmas expected to be ‘massive’, and 2011 to be 15 to 20 per cent higher again, giving it a turnover of around £4m.
“The lingerie market is finding it tough but shapewear is on a real increase. It’s an area that’s outselling and exceeding expectations, so we’re doing better than most lingerie suppliers,” Charlesworth added.
Spanx has grown from a £25,000 turnover eight years ago to a predicted £3m this year. DKNY Intimates, which was only formed in 2009, already has a predicted turnover of £300,000 this year.
Men’s underwear is predicted to be a growth sector over the next year, with brands such as M&S expanding on their ranges and David Beckham introducing his own line in 2011.