Bibby Financial Services Expands Support of California Apparel Industry with $2 Million in Financing to a Casual Apparel Company
Funding Improves Company’s Ability to Meet Increasing Demand and Keep Pace with Seasonal Fashion Trends
Bibby
Financial Services (BFS) today announced a $2 million factoring facility
delivered to a casual apparel company based in California. The company provides
outdoor and surfing-themed t-shirts and other apparel to specialty retailers and
to consumers via bespoke e-commerce sites. The funding will boost the company’s
cash flow, enabling it to take on larger inventory orders and update the
clothing line each season to meet changing consumer trends. The new account is
funded and managed by BFS’s office in Westlake Village,
California.
The apparel company partners with local artists to
design clothing inspired by California’s outdoor lifestyle. In addition to
back-office support and advance payment of invoices from the factoring facility, they
will also benefit from BFS’s extensive experience in the apparel industry, for
which BFS has been a significant source of funding for more than a decade in
North America. Notably, BFS used its commercial financing expertise and
knowledge of apparel businesses to structure a flexible financing package that
simplified the funding process and reduced the amount of paperwork the client
was required to submit.
“Factoring is a popular financing solution
particularly well-suited for fashion and apparel companies, which must often
deliver their products well in advance of getting paid and must continually
refresh their clothing lines to stay relevant,” said Ian Watson, CEO of Bibby
Financial Services in North America. “Working with our client to help them
attain the financial flexibility needed to navigate such a dynamic industry is
exciting. BFS continues to expand its presence in California’s apparel industry
as we build on our legacy of creating working capital solutions for small and
large companies alike.”
According to the client, quick and easy funding is
just one of the reasons they chose Bibby Financial Services as a financing
partner. The strategic guidance and knowledge of the apparel industry the team
at BFS brings to the table are invaluable assets for clients seeking to grow
their business and adapt to industry changes.
Apparel companies make up the largest portion of business for BFS in California. In 2016, BFS provided
more than $99 million to over 50 apparel companies and has grown its client base
in the apparel industry by 30% over the past 3 years. Roughly half of BFS’s
apparel clients are serviced by the company’s California office.
About Bibby Financial
Services
Bibby Financial Services is a
leading independent financial services partner to more than 10,250 businesses
worldwide providing more than $1.25 billion in funding annually and handling
$11.6 billion in annual client turnover globally. With over 44
operations in 13 countries spanning Europe, North America and Asia, we provide
asset-based lending and factoring solutions to help businesses grow in domestic
and international markets. Established in 2001, Bibby Financial Services North
America has seven offices in the U.S. and Canada that support businesses in
virtually any industry. We hold memberships in the Commercial Finance
Association, the International Factoring Association, and the American Finance
Association. Bibby Financial Services is part of Bibby Line Group (BLG), a
diverse and forward-looking family business with over 200 years’ experience of
providing personal, responsive and flexible customer solutions. To find out
more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com
or www.bibbycanada.ca.
Thank you for taking the time to read this apparel industry blog post. We hope that you
have found this fashion
blog post to be enjoyable. Learn more about apparel industry factoring in our financial information section. If you have comments or questions, please
add your thoughts in the discussion area below.