CARTER childwear products are making it easier to buy new and gently used clothes in the U.S., and the U and Canada are joining forces.
In a joint announcement Thursday, Canada and the United States announced a $100 million loan to Carter, the world’s leading retailer of childwear and accessories, to help it expand in the apparel industry and bring in new customers.
The Canadian government will make the loan available to businesses in Canada and in the United Kingdom and Ireland, and the $100-million will be repaid over two years.
The United States will receive the rest of the money from its own investment in Carter.
“This is an unprecedented collaboration between Canada and America, and we are excited to be joining forces with the United Nations Children’s Fund and other donors to support the launch of a new Canadian clothing company,” said Carter Chief Executive Officer David Goulson.
The announcement was made during the opening session of the Children’s Investment Summit in Washington, D.C. The summit is an annual event hosted by the U., Canada and Australia, and hosted by Canadian Prime Minister Justin Trudeau.
The U.K. announced earlier this month that it had secured $100m from the U of A. The U.KS. is expected to announce its next round of funding for the company later this week.
“Childrens is a global leader in childcare, children’s clothing and accessories and a key partner for the UBC, Carter and many other brands in our supply chain,” said Paul Cunha, CEO of the UOI, the U BOC and Carter companies.
“This loan is a critical investment in the future of our business, for future generations and for the economy of Canada.”
“The Carter Children’s Loan Program is a strategic way to help the UBI Fund and our partners grow Carter in ways that are aligned with their mission,” said UBI Chief Executive Suzanne O’Donoghue.
“We look forward to working with the UBS, U.N. and Carters teams to ensure we achieve this ambitious goal.”
A spokesperson for the Carter Canada brand said the loan is not linked to the UBOC’s investment.
The company’s website said the funding will help to create jobs and help boost the company’s revenue by 20 per cent.