Dutch formalwear label Suitsupply soon to open first store in Paris
Dutch formalwear label Suitsupply has chosen rue de la Paix in Paris as its first French retail location, picking the most expensive street on the French version of property trading board game Monopoly. Rue de la Paix is a stone’s throw from Place Vendôme, famous for its jewellery boutiques, and it features stores by upmarket labels like Charvet and Figaret. The Suitsupply store in rue de la Paix is due to open next March or April.
Last November, a Dutch newspaper reported that Suitsupply benefited from a €300 million investment by the NPM Capital investment fund, backed by a pool of Dutch banks and the BNP Paribas group.
The investment was part of a package designed to speed up the international deployment of Suitsupply, and boost its online business too. Suitsupply is still relatively unknown in France. It was founded in 1999 by Fokke de Jong, still the label’s CEO, and it offers a range of customisable suits, integrated by a collection of formal menswear, to which it recently added womenswear too.
In France, Suitsupply is likely to compete with retailers like Atelier NA, while a brand targeting a similar segment, Tailor Corner, closed down last February.
Suitsupply currently operates over 90 monobrand stores in three continents, and is already present in several major European cities, from London to Madrid, Milan, Berlin and Brussels. Its revenue grew 19% last year, reaching €255 million, but as Suitsupply carried out significant investment to expand its network, it posted a negative EBITDA at -€19.2 million.
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