CIT absolutely understands our business. CIT’s factoring and finance have helped us grow and we hope to continue that growth.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today released “Factoring in Fashion” (cit.com.tharancogroup). This video is the latest installment in its “CIT: Behind the Deal” (cit.com/behindthedeal) series of client case study testimonial videos that showcase how the lending, leasing and advisory expertise of CIT executives has helped their clients achieve success.
The latest video features Tharanco Group, a privately-held holding company that includes an established apparel division that supports more than 20 brands, ranging from couture to contemporary. The video examines Tharanco’s long-standing relationship with CIT Trade Finance, a leading provider of factoring services in the United States, and how the company provides Tharanco with accounts receivable factoring and financing services.
The Tharanco business started as a manufacturer of private label apparel, providing branded goods to sell exclusively in the stores of retailers such as Saks Fifth Avenue, Bergdorf Goodman, Macy’s, Nordstrom and JCPenney. This business requires long lead times and significant investments in producing merchandise that will, at times, be sold exclusively in one retail outlet. Tharanco Chairman Haresh Tharani comments: “The pain point in our business is knowing how a retailer is going to perform before you make a huge financial commitment to produce and manufacture a specific product. As our factor, CIT guides us through the process and makes sure the retailer is creditworthy to pay for the order.”
According to Jonathan Lucas, President of CIT Trade Finance, building a relationship of trust and mutual understanding between the factoring company and the apparel manufacturer is critical. “We understand the retailers Tharanco sells to, so we are confident we can provide the trade credit protection should the retailer fail to pay when the invoices are due,” says Lucas. “This allows Tharanco to focus on what it does best, which is designing, sourcing and merchandising beautiful apparel.”
When asked about the importance of a factoring company understanding its clients’ business, Tharani adds: “CIT absolutely understands our business. CIT’s factoring and finance have helped us grow and we hope to continue that growth.”
While providing trade credit protection at a competitive price is certainly important, the real differentiator, Lucas says, is CIT’s commitment to building relationships with its clients. According to Lucas, “It’s the relationships that all of us have developed over the years that make us successful."
CIT Factoring University is a website that offers a comprehensive education-based approach to the financial service known as accounts receivable factoring. Factoring University offers a variety of exclusive content that highlights the benefits of factoring for business owners. Visitors can view testimonial videos that feature executives from consumer product industries who explain why they use factoring and how it benefits their businesses. In addition, Factoring University provides a list of Frequently Asked Questions, infographics that explain the factoring process, business solutions provided by factoring, and more.
Join our discussion about factoring on our Factoring University LinkedIn group.
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About Tharanco Group
The Tharanco Group is a private holding company that includes real estate investments, private equity investments and an established apparel arm. The apparel arm of the company has a foundation based in private brand manufacturing and brand management. The company has adopted a culture of sustainability and being eco-friendly as part of its growth in the apparel industry. Tharanco supports more than 20 brands ranging from couture to contemporary to better to moderate. It holds a unique position in the industry by servicing a wide array of customers to a wide array of stores in the apparel industry. tharanco.com
About CIT Trade Finance
CIT Trade Finance is a leading provider of factoring services in the United States for companies that sell into retail channels of distribution. It provides accounts receivable factoring, trade credit protection, accounts receivable management and asset-based lending to manufacturers and importers. citfactoringuniversity.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its 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. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com