Alpkit, the cycling and technical outdoor clothing retailer from the UK, has received £2.7 million in funding in an effort to enhance its domestic and global omnichannel growth.
The retailer will utilise the funds – received from HSBC UK – to develop a new range of footwear, which will be launched this summer.
The funds will also be used to increase products to meet fast-growing demand across cycling and technical outdoor apparels.
Notably, the funding from HSBC UK includes a £2 million General Export Facility, which is backed by UK Export Finance.
The retailer also plans to expand its physical presence across the UK, while enhancing its digital trading across the globe.
Further on the same, David Hanney, CEO, Alpkit, said that the deal will also help it invest in innovation so as to create lower impact, long-lasting technical outdoor gear that is both repairable and recyclable.
Founded in 2004, UK-based Alpkit employs 85 people and generates annual sales of £7.1 million.
