Sigerson Morrison seeks financing for business development

On the wave of the great success of flip-flops which have been sold in their thousands all over the world, Kari Sigerson and Miranda Morrison are now seeking financing to take the step from a small to a large business.

Last year the SM main line was joined by the Belle line for which the Sigerson Morrison duo was awarded with the Footwear News Award as best launch of the year.

Their turnover is around 30 million dollars and they have thirty-two employees. Currently they produce sixty thousand pairs of shoes a year, with three mono-brand stores in the United States and one in Tokyo. The brand's core business is footwear. As Morrison explained to Affari & Finanza, 'we have never considered making clothes, we just like buying them. But now we are evaluating the possibility of developing the accessories line, maybe with furnishings, perfumes and eyewear and, obviously, to continue with bags as well'.

In 1997 the two entrepreneurs were awarded with the prestigious Perry Ellis Award for "Best accessories design" from Cfda. As regards the brand development, Avalon investment bank which analyses the company with the aim of attracting new capital, states in a note: «There are excellent possibilities for business development from the point of view of wholesaling and mono-brand outlets. As advisors, we believe that there are also good opportunities for growth in the United States (where the label currently generates 83% of its billings) and in Europe and Asia, where the company is still fairly unknown. We therefore believe that Sigerson Morrison have the potential to double or triple their business over the next five years'.

(Source: Affari & Finanza)