Footasylum plans to utilise the funding from HSBC UK to expand its store network, starting with new locations in Aberdeen, Warrington, and Doncaster, followed by Rotherham and Wrexham later this year. The retailer will also triple the size of its Merry Hill store.
The retailer highlighted these store expansion plans are expected to initially create over 100 new jobs including management, full-time, and part-time in-store positions across the UK, noting that HSBC UK’s support will also provide Footasylum with the financial support to explore international acquisition opportunities.
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Additionally, the funding will help Footasylum enhance its technology with a mobile-first omnichannel retail solution to improve the digital customer experience, as well as support the growth of its exclusive brands such as Zavetti Canada and Alessandro Zavetti.
Footasylum CFO Nick Scott emphasised that this funding is crucial for Footasylum’s growth and sustainability goals, particularly its ambitious Environmental Policy, which includes a net-zero target for Scope 1 and 2 emissions by 2030, and Scope 3 by 2040.
HSBC UK has also linked part of the funding to Footasylum’s sustainability performance through a Sustainability Improvement Loan (SIL), offering potential interest rate reductions based on their ESG performance which will be monitored using an EcoVadis ESG (Environmental, Social, and Governance) rating.
The EcoVadis rating will be tested on an annual basis to track Footasylum’s ESG performance.
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By GlobalDataZubayr Atcha, global relationship director of corporate banking for HSBC UK, believes the funding will provide the flexibility needed to drive expansion plans, support sustainability strategy and further establish the retailer’s presence in the fast-growing street and sportswear market.
HSBC UK’s support aims to ensure that Footasylum continues to expand partnerships with influencer talent, which has underpinned its successful content marketing strategy.
In the coming months, Footasylum will provide additional information on the sizes and locations of the further store openings, as it continues to expand with the support of the HSBC UK funding.
Last year, Footasylum selected the omnichannel cloud platform NewStore to give its UK stores an omnichannel experience that it said would drive brand engagement and customer retention.
