CIT, a provider of commercial lending and leasing services, announced that CIT Commercial Services was selected as the sole provider of factoring services to AG Adriano Goldschmied and its affiliate, Big Star. Both firms are either owned by or affiliated with Koos Manufacturing, Inc., a Los Angeles-based producer of quality jeans that in the past has manufactured for brands such as Abercrombie & Fitch, Gap, Banana Republic, J. Crew, Lucky Brand and others. Terms of the program were not disclosed.
Samuel Ku, president of AG Adriano Goldschmied, Inc., said, "CIT has a long history of providing factoring services to fashion and apparel companies. It understands the industry's fast moving trends and the need to adjust offerings. The expertise of the CIT team combined with its in-depth customer credit knowledge and service level is second to none in the industry. The company's ability to handle our specialty customer accounts and our major retailers was critical to our selection."
Darrin Beer, western regional sales and portfolio manager for CIT Commercial Services, said, "AG Jeans has evolved from an exclusively premium denim brand to a contemporary lifestyle brand. We're pleased we could tailor a factoring program to support the continued growth of this premier Los Angeles designer and manufacturer. We look forward to growing this relationship."