Having sold three million items of clothing globally during 2013, Bagir Group has decided to pursue future development as a public company.
The business, which has its headquarters in Israel alongside bases in London and New York, designs and creates formalwear tailoring for department stores and private label brands.
According to the business, it focuses on menswear private label brands, womenswear private label brands, corporate wear and company own brands. It also licences brands such as Simon Carter, Peckham Rye and Austin Reed’s AR Red.
For the year to date 31 December 2013, Bagir Group generated an EBTIDA of $6.1 million from revenues of $99.5 million.
In joining London’s Alternative Investment Market (AIM) and raising £20 million, Bagir Group says it will now repay bank loans of $9 million, invoice finance factoring credit of $7 million and then provide working capital for its growth. Investment in its Ethiopian production facility as well as IT and research and development departments has also been highlighted.
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Danny Taragan, chief executive of Bagir Group, comments, ‘We have received solid support from investors and have raised £20 million in a placing that will be used to pay down existing debt and provide working capital to support future growth.
‘We would like to welcome our new shareholders to the register and look forward to updating them on our progress.’
Bagir Group has a 12.5 per cent market share of formalwear in the UK (by value of items sold) and has partnerships with Marks & Spencer and the Arcadia Group.