Mossimo Giannulli, chief executive and founder of upmarket casual wear licensor Mossimo Inc, says he has received funding to take the company private.

Giannulli reported in a filing with regulators that he has been given a commitment letter for $14.5 million worth of financing that will enable him to complete his application to privatise the company.

Giannulli said last month that he planned to acquire Mossimo Inc for $4 per share, putting the business's value at $63m with 15.7m shares outstanding. He confirmed yesterday that the funding, along with funds from elsewhere, would be sufficient to allow the company to go private.

The company's lucrative deal with retail giant Target Corp was recently renewed for two years until 31 January 2008.