CIT Selected as Sole Provider of Factoring Services to AG Adriano Goldschmied and Big StarSupports Growth of Premium Denim Maker and Lifestyle DesignersMonday, February 6, 2017 01:00 PM
NEW YORK, Feb. 6, 2017 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced that CIT Commercial Services was selected as the sole provider of factoring services to AG Adriano Goldschmied and its affiliate, Big Star. Both firms are either owned by or affiliated with Koos Manufacturing, Inc., a Los Angeles-based producer of quality jeans that in the past has manufactured for brands such as Abercrombie & Fitch, Gap, Banana Republic, J. Crew, Lucky Brand and others. Terms of the program were not disclosed.
Samuel Ku, president of AG Adriano Goldschmied, Inc., said, "CIT has a long history of providing factoring services to fashion and apparel companies. It understands the industry's fast moving trends and the need to adjust offerings. The expertise of the CIT team combined with its in-depth customer credit knowledge and service level is second to none in the industry. The company's ability to handle our specialty customer accounts and our major retailers was critical to our selection."
Darrin Beer, western regional sales and portfolio manager for CIT Commercial Services, said, "AG Jeans has evolved from an exclusively premium denim brand to a contemporary lifestyle brand. We're pleased we could tailor a factoring program to support the continued growth of this premier Los Angeles designer and manufacturer. We look forward to growing this relationship."
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About AG Adriano Goldschmied and Big Star
AG Adriano Goldschmied and Big Star are either owned by or affiliated with Koos Manufacturing, Inc., a Los Angeles-based producer of quality jeans that has in the past manufactured for brands such as Abercrombie & Fitch, Gap, Banana Republic, J. Crew, Lucky Brand and others. There are more than 10 AG stores and four AG Outlets. Koos operates manufacturing facilities in Los Angeles and Mexico. www.agjeans.com or www.bigstardenim.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing, and advisory services principally to middle-market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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RetailThe Los Angeles fashion industry continues to play a crucial role in the city's economy and adopts a vanguard position trends that are changing the fashion industry.