Nottingham luxury eyewear firm lands £15m expansion deal
Mondottica International, the Nottingham-based designer and distributor of branded eyewear, including Ted Baker, Cath Kidston and Benetton, has secured £14.9m funding deal that will help it create 45 jobs.
The firm has secured the cash in a deal with Santander Corporate & Commercial. The funds will be used to fuel its UK and international expansion plans and develop its luxury eyewear division, Brando.
Established in 2003, Mondottica International, which has its Nottingham base at Riverside Business Park, signed its first licence with Ted Baker. Mondottica’s founder, Michael Jardine, facilitated the deal through his connections to Ray Kelvin, founder of Ted Baker and the company continues to be Mondottica’s largest client in a current portfolio of 15 brands. Over the past 15 years, the business has signed deals with companies such as Hackett, Converse, Joules, Pepe Jeans, Cath Kidston and Ducati. The most recent clients include Sandro, Maje and Benetton.
Law firm Browne Jacobson advised Santander on the deal.
Mondottica’s global headquarters are based in Hong Kong and the company has several offices and partnerships including in Paris, Barcelona, Tokyo, Delhi, Moscow, New York and Sydney, as well as the Nottingham head office and London design studio in the UK. Mondottica were advised by LGF Partners.
David Hart, operations director at Mondottica International, said: “The funding from Santander means we are now enabled to deliver our products and services on a global scale powered by an expanded Mondottica team. Santander has provided a flexible package tailored to us, our market and one that accommodates our international needs and ambitions. We have been guided through this process by an expert team who have become a real business asset supporting us through our first external funding.”
Richard Brighty, relationship director at Santander Corporate & Commercial said: “We are delighted to be able to help support such a dynamic, international business as it focuses on growth. Mondottica is very highly renowned in the eyewear industry and its successful business model has resulted in year-on-year sales growth. Santander’s funding will help the company to develop further, particularly internationally, and allow it to seize new opportunities.”
Paul Ray, head of banking & finance at Browne Jacobson, said: “We are delighted to have advised Santander on another high-profile Growth Capital transaction, this time with the global designer and manufacturer of eyewear Mondottica. This deal clearly represents an exciting time for the business as it continues to invest in and develop its worldwide portfolio.”
