Member Article

Lloyds Bank proves the perfect fit for Moda in Pelle

Leeds-based ladies footwear designer and retailer Moda in Pelle has switched its day-to-day banking to Lloyds Bank Commercial Banking.

The move, supported by the Lloyds Bank Mid-Markets team in Yorkshire, follows Moda in Pelle receiving investment of £3.5m from the Business Growth Fund to support its ambitious growth plans.

Moda in Pelle was established more than 40 years ago and operates 58 stores and concessions across the UK, as well as wholesale and e-commerce channels. It designs and sources proprietary branded quality footwear from manufacturing partners in China, Italy, Spain and Portugal.

To capitalise on recent success, which has seen it acquire 26 new concession outlets and e-commerce revenue growth of 80 per cent for the current year, the business is now focusing on development of its multi-channel sales across tablets, phones and click-and-collect services. Enhancing the in-store experience and building brand loyalty is also a key focus.

As part of the deal with the Business Growth Fund, David Inglis joined Moda in Pelle as CEO in October 2014, having previously advised the business on brand, strategy and investment. Inglis has held senior positions within household name retailers such as Asda and Littlewoods, with extensive fashion, branding and advertising expertise.

Mr Inglis said: “Turning to Lloyds Bank for our day to day banking shows our confidence and aspirations for the future success of Moda in Pelle. The bank’s strong international trade capabilities and relationship-based service puts us in a strong position from which to invest in key areas of the business.

“Our new partnership with Lloyds Bank builds on the sense of optimism brought about by the investment from the Business Growth Fund. We are now investing in our IT infrastructure to bolster our growing e-commerce channels, and continued technological development to enable us to grow through multi-channel sales.”

Matthew Pollard, Relationship Director at Lloyds Bank Commercial Banking, said: “As economic confidence increases, so does consumer spending, and the fashion footwear sector is on a clear upward trajectory. The business is perfectly placed to capitalise on the sector’s recovery, with a strong product range and an impressive management team with extensive and relevant experience. We look forward to working with them to develop their proposition within a competitive and dynamic market.”

This was posted in Bdaily's Members' News section by Robert Beaumont .