Hotter owner Unbound raises cash to boost ambitious expansion plans
Hotter Shoes parent Unbound Group has raised around £4.3 million to invest in its growth strategy, particularly concentrated on expanding its footwear retail association with UK garden centre group Notcutts.
It’s achieved its funding via a stock market placement/subscription of over 20.78 million new ordinary shares of 1 pence each. Around £3.3 million was raised via the placing and subscription, and up to £1 million via an open offer.
Unbound said the proceeds will fund investment in four key areas: driving digital connection with its target customer base; reactivating dormant retail customers through the expansion of its garden centre concession model portfolio; investing in technology to improve the customer experience, deliver cost efficiencies and facilitate accelerated scalable growth; and increase inventory effectiveness by utilising European suppliers with shorter lead time procurement of design-led finished and own-brand goods.
Earlier this week, Unbound Group also unveiled the first raft of 14 brands that will be part of a new curated multibrand platform. The unboundgroup platform launches on 28 July, initially with seven brands. Five of the labels are footwear-focused brands including Birkenstock, Muck Boots, Geox, Skechers and Hush Puppies.
The platform will also include clothing labels Rohan, Asquith of London, Boody, Noa Noa, Part Two, Kaffe, Soaked in Luxury, Cream, and Lakeland Leather.
The group said is working with its partner brands to determine launch dates for each, being introduced between next week and October.
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