California fashion retailer Everlane has secured a $25 million loan from global consulting, restructuring and investment firm Gordon Brothers, backed by the working capital of the mostly online sustainable clothing, accessories and footwear retailer. He will use the loan to support the company’s continued growth for a decade.
“Gordon Brothers’ flexible approach will help build a better capitalized business that matches the strength of Everlane’s underlying brand. Everlane is poised for continued expansion as the company meets a growing number of consumers who are making active choices about the impact of their purchases – and want to look good doing it,” Everlane CFO Bill Wafford said in a statement.
“We have admired Everlane since its inception and understand the significant brand equity the company has built,” added Tobias Nanda, President, Brands at Gordon Brothers in a statement. “When the opportunity presented itself to work with the Everlane team and sponsor, we immediately saw that our multi-asset approach to lending could be a perfect fit for all parties.”
Providing both short- and long-term capital to clients in transition, Gordon Brothers has been actively investing in brands since 2003, working with leading companies to revitalize and reinvent them. Owning multiple brands, including Laura Ashley and Nicole Miller, the company is focused on expanding licensees and franchisees to strengthen their e-commerce presence and develop more strategic wholesale and retail relationships.
The loan follows recent additional funding from CIT Northbridge Credit, which acted as agent on a $65 million revolving credit facility for Everlane.