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.”
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