Posted on Thursday 7 August 2014 by Ulster Business
Celine Magill, Managing Director, Art on Fashion with David McCurley, Senior Investment Manager, WhiteRock Capital Partners.
Up to 12 new jobs will be created at a Belfast fashion company as it breaks into the export market.
Art on Fashion is already exporting to Germany, Holland and the US but is hoping to expand further with after securing lending from Invest NI’s Growth Loan Fund.
The size of the borrowings hasn’t been revealed but along with helping tackle further export, it will also use the funding as working capital.
Art on Fashion produces small quantities of garments with unique designs developed in collaboration with international artists.
“Every garment sold features a picture of the original work of art and a biography of the artist,” Celine Magill, Managing Director of Art on Fashion, said. “The artists get excited about seeing their work in a different context - it becomes wearable art.”
The artists benefit by increased exposure plus they receive a commission on every garment sold by way of Art on Fashion’s Licencing Agreement.
“This investment from the Growth Loan Fund will support our global marketing plans and enable us to meet working capital needs as the business transitions from in season selling to forward orders. We also have plans to take on up to 12 more staff to help meet growing demand,” Miss Magill said.
Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).