We have worked closely with the Sean John team over the past seven years and we look forward to further building this relationship in the future.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has provided a senior secured credit facility to apparel company Christian Casey LLC, DBA Sean John. The funds will be used for working capital and to support growth of its domestic and international licenses.
Financing for the deal was completed by CIT Trade Finance, a unit of CIT and a leading provider of factoring services, credit protection, accounts receivable management, lending services and other trade finance products primarily to apparel and consumer products companies that sell to retail channels of distribution.
“Our expertise in the apparel and retail market allowed us to structure a credit facility that provides Sean John with liquidity through an asset-based lending facility against its trademarks and other intangible assets,” said John Daly, President of CIT Trade Finance. “We have worked closely with the Sean John team over the past seven years and we look forward to further building this relationship in the future.”
Jeffrey Tweedy, Executive Vice President of Sean John, said, “Our relationship with CIT has allowed us to build the Sean John business into one of the most dominant sportswear brands in America. CIT’s continued support will allow us to grow our business both domestically and internationally while it simultaneously provides us with flexibility to react to opportunities in the marketplace.”
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About Sean John
Sean John, a privately held company, was created by music icon Sean "Diddy" Combs and made its fashion debut with a men's sportswear collection for the spring 1999 season. In 2004, Sean "Diddy" Combs for Sean John was honored by the Council of Fashion Designers of America as Men's Wear Designer of the Year. With annual retail sales in the United States of over $525 million, Sean John remains one of the most impressive full lifestyle brands in the US and around the world. Sean John, in partnership with Estée Lauder Companies, has launched two signature men's fragrances, Unforgivable and I AM KING, as well as Unforgivable Women’s. Both men’s fragrances have won the FiFi awards in the best men’s fragrance prestige category. In May of 2010 Sean John signed a deal with Macy’s to be the exclusive U.S. department store retailer for the Sean John men’s sportswear collection beginning in Holiday 2010. The Sean John product will be available online at macys.com and in over 400 Macy’s stores across the country in 2011, with additional doors to be added in the years ahead. Learn more at www.seanjohn.com
About CIT Trade Finance
CIT Trade Finance is a leading provider of factoring services, credit protection, accounts receivable management, lending services and other trade finance products primarily to apparel and consumer products companies that sell to retail channels of distribution.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. Learn more at www.cit.com.
CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of External and Internal
Communications & Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Sean John Media Relations:
Hampton Carney, 212-206-7447