Workers at a factory pictured on Classic Fashion Apparel’s website. www.classicfashionapparel.com
Gulf Capital and NBK Capital Partners have exited their growth capital facility in Jordan’s Classic Fashion Apparel Industries, according to a report in Private Equity Wire.
At the time of the investment in April 2018, Gulf Capital and NBK Capital Partners partnered with Sanal Kumar, the founder of Classic Fashion, to provide the company capital for production expansion and to support a refinancing plan. During this period, the company grew its revenues from $450 million in 2017 to more than $600 million in 2020.
Founded in 2003, Classic Fashion has longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes, and GAP and accounts for a 30 percent share of Jordan’s apparel exports. Classic Fashion today employs more than 27,000 staff and is Jodan’s largest private sector employer.