Suitsupply is investing 60 million euros in the global chain of tailor-made shops to compensate for the loss of turnover due to the corona crisis and to absorb any new setbacks. This is confirmed by director Fokke de Jong in response to reports from Het Financieele Dagblad ( FD ).
It concerns a loan of 40 million euros guaranteed by the State, shareholder NPM Capital invests 10 million euros and founder De Jong the same amount. "Due to the closure of the stores, we missed out on about 100 million euros in turnover," says De Jong.
The Dutch Suitsupply has about 150 cases worldwide. "Almost all stores have been closed in a few months. In the Netherlands and Europe everything is open again and things are going in the right direction, but in some areas shops are closing again."
With the million injection, De Jonge says he is also preparing for possible new setbacks. "It seems that this crisis is a marathon. We must ensure continuity." Job losses do not exclude the founder of Suitsupply.
"Like all other companies, we look at where we can achieve greater efficiency." Some business units will be downsized, others expanded. "Like online, but on balance it will hardly lead to job losses."
Expansions are also being looked at closely. "We are increasing the number of stores on the back burner."