CIT, a division of First Citizens Bank, announced that its Asset-Based Lending business served as lead arranger on financing for Kenneth Cole Productions Inc., a renowned men's and women's fashion brand.
 
Headquartered in New York City and founded in 1982, Kenneth Cole Productions is known worldwide for its fashion products spanning the footwear, handbag, apparel and fragrance categories. This new financing – arranged by CIT with participation from WhiteHawk Capital Partners – will be used by the company to refinance existing debt and support future growth opportunities.

"With the global pandemic receding, Kenneth Cole Productions is well positioned for growth due to the continuing strength of consumer spending and demand for branded products," said Andrew Stokoe, chief financial officer at Kenneth Cole Productions. "We appreciate CIT's expertise in arranging this financing that will help us achieve our strategic business objectives."

"Kenneth Cole is an internationally recognized brand with strong performance and potential across a number of product categories," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to assist them in arranging this financing."

CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.