The textile, trading and investments arm of the Korean electronics company, Samsung C&T, is planning its expansion for its UK operations. it is actively seeking new, lasting fashion and footwear partners.
Already it finances 33 Joints, leading young fashion footwear distribution company for brands such as Church’s, Firetrap and Gina, and one other undisclosed UK partner. An advantage of working with Samsung is that the company can concentrate on design, sourcing and marketing, since the investment firm will take ownership of the fashion/footwear’s company stock and look after the majority of its back office functions. Suppliers are paid using Samsung’s cash, therefore, its partners have an accessible and endless financial capability. Samsung, in exchange, receive a portion of the turnover.
This service has been ongoing in the US for the past 25 years, where it has 12 partners. Fashion companies are not usually high on support from high-street banks because of their unpredictability. Samsung’s proposition is attractive for such companies. Plus, they have a robust and an excellent order management team.
It’ll be interesting to see who they partner with in the coming months.