The fashion retailer Deerberg, based in Lüneburg Heath, is increasing the volume of external financing for 2022 in order to achieve its strategic goals. The goals include digitization, international expansion, growth in the core markets and the expansion of the range.
In addition to the Sparkasse Uelzen-Lüchow-Dannenberg, the fashion label is now also working with the banks GLS Bank and Deutsche Bank, Deerberg announced on Wednesday. The volume of external financing was increased by 40 percent.
“Standing still is not an option for us, even though we can look forward to above-average growth in 2020 and 2021 compared to the market. The focus is on continuing to grow profitably in sales – above all through the constant expansion of the online channel, the sharpening of our range and expansion,” said Deerberg CEO Lars Buschbom.
The Sparkasse Uelzen-Lüchow-Dannenberg has a financing share of about 57 percent and the GLS Bank a share of 32 percent. As a partner, Deutsche Bank provides a digitization loan that accounts for the remaining 11 percent. Financing is divided into 60 percent long-term bank loans, 10 percent medium-term loans and 30 percent short-term financing.
“We are pleased that our three banking partners are supporting us for the next steps and are looking very positively to the future – strengthened by the trend towards sustainable fashion and the increased inclination of consumers to distance selling driven by Covid-19,” says Buschbom.