Spanish brand will use new investment to fund growth
A small Madrid-based footwear brand that opened its first store just before the effects of the covid-19 pandemic began to bite has started 2023 on a new footing.
Diplomatic launched in 2016 as a formal men’s shoe brand. It has since added more casual styles and women’s collections to its output.
It withstood the covid-19 setback and opened a second store in 2022. It finished last year with revenues of just under €800,000 but has predicted that it will increase this to more than €1.75 million this year.
Founder, Rodrigo Fernández, has confirmed that Diplomatic recently secured investment capital of €500,000 and was intent on using the new funding to grow. It plans to open a third store in March and to open stores in Barcelona and a number of smaller cities in Spain before the end of the year. It aims to open its first overseas store in 2024.
“We are in an exciting phase of expansion and growth at the moment,” Mr Fernández said recently, “and we are going to give the brand the profile it deserves.”
